Wednesday, 24 August 2016
Last updated 14 min ago
Jan 6 2014 | 12:39pm ET
The Securities and Exchange Commission is back down to one enforcement director.
George Canellos, who has led the division since February, first as interim head and, since April, as co-head alongside Andrew Ceresney, will leave the SEC this month. His departure will leave Ceresney in charge of the unit.
"Every day, he brought to work an intense enthusiasm for our mission, extraordinary intellect and a total commitment to fairness and the public interest," SEC Chairman Mary Jo White, who named Canellos to his post last year, said.
Canellos joined the SEC in 2009 to lead the agency's New York office in the wake of the Bernard Madoff scandal. A former federal prosecutor under White, Canellos oversaw a number of crucial hedge-fund insider-trading investigations, including those of Galleon Group founder Raj Rajaratnam, former McKinsey & Co. chief Rajat Gupta and SAC Capital Advisors. In 2012, he was named deputy director of enforcement, and helped restructure the division alongside former director Robert Khuzami.
Canellos has not indicated his future plans.