**Gurbir S. Grewal to Depart SEC; Sanjay Wadhwa and Sam Waldon to Assume Key Roles**

The Securities and Exchange Commission (SEC) has announced the departure of Gurbir S. Grewal, the Director of the Division of Enforcement, effective October 11, 2024. Following his departure, Sanjay Wadhwa, the current Deputy Director of the Division, will take on the role of Acting Director. Sam Waldon, the Division's Chief Counsel, will step up as Acting Deputy Director.

Chair Gary Gensler expressed appreciation for Grewal's contributions, saying, "We have been incredibly fortunate that such an accomplished public servant, Gurbir Grewal, came to the SEC to lead the Division of Enforcement for the last three years." Gensler highlighted Grewal's commitment to investor protection and market compliance.

Wadhwa, a 21-year veteran of the agency, has been acknowledged for his strong leadership and extensive experience within the SEC. Gensler commented, "I'm pleased that Sanjay Wadhwa has said yes to taking on the Acting Director role. He has shown strong leadership, is widely respected among his colleagues, and has provided invaluable counsel to the Commission."

Grewal reflected on his tenure, stating, "While we have faced and overcome many challenges over the last three plus years, there has been one constant throughout: the public servants of the Enforcement Division stand ready to do everything they can to protect investors and market integrity." Under his leadership, the Division recalibrated penalties and tackled emerging risks, among other initiatives.

During Grewal's tenure, the Division of Enforcement recommended over 2,400 enforcement matters, resulting in orders for more than $20 billion in disgorgement, prejudgment interest, and civil penalties. Additionally, the SEC secured more than 340 industry bars against individuals and awarded over $1 billion to whistleblowers.

Among the notable actions under Grewal's leadership were over 100 enforcement actions in the evolving crypto space and significant measures to combat insider trading and market manipulation. The Division also launched a proactive initiative in December 2021 to ensure compliance with recordkeeping requirements, leading to charges against over 100 firms and more than $2 billion in penalties.

Wadhwa has been with the SEC since 2003, serving in various key roles, including Senior Associate Director of the Division of Enforcement in the New York Regional Office. Waldon, who joined the SEC from Proskauer Rose LLP, has served as Chief Counsel for the Division since March 2022 and previously held roles within the SEC's Division of Enforcement from 1996 to 2018.

This leadership transition marks a significant moment in the SEC's ongoing mission to uphold market integrity and protect investors.