SEC Enforcement Chief To Leave

Jan 10 2013 | 1:27am ET

Robert Khuzami, the Securities and Exchange Commission's top cop who oversaw the regulator's crackdown on hedge fund fraud and insider trading, is leaving the agency.

Khuzami, who spent four years as the SEC's director of enforcement, will step down at the end of the month, the SEC said yesterday. His exit follows that of SEC Chairman Mary Schapiro, who named him to the enforcement post in the wake of the Bernard Madoff Ponzi scheme, which the SEC failed to detect.

Khuzami, a former federal prosecutor, did not explain why he was leaving or what he planned to do. He said only that the "time has come" for his exit.

Khuzami is credited with rebuilding the enforcement division following the Madoff embarrassment. His successor will be named by new SEC Chairman Elisse Walter, who is reportedly considering deputy enforcement director George Canellos and the heads of the SEC's Boston and Philadelphia offices, David Bergers and Daniel Hawke, for the job. Matthew Martens, the enforcement division's chief litigation counsel, is also a possibility.

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