By Chris Prentice
(Reuters) -The U.S. Securities and Exchange Commission named a senior military judge as enforcement director on Thursday, in what legal sources said was an unconventional pick for the top job policing Wall Street.
Margaret “Meg” Ryan, a senior judge of the United States Court of Appeals for the Armed Forces, will take up the position on September 2, the SEC said in a statement.
In the statement, she said: “I look forward to joining the Commission in its important work to ensure that the Division is true to the SEC’s mission in taking action on behalf of investors harmed by those who break the securities laws and providing an effective deterrent against fraudulent and manipulative activities in our financial markets.”
Relatively little known among securities lawyers, Ryan has an unusual background for SEC enforcement director. The role has typically been filled by former criminal prosecutors or agency lawyers expert in securities laws.
Ryan will lead a 1,400-person division expected to take a lighter touch in policing securities markets under SEC Chairman Paul Atkins, who has criticized SEC enforcement as heavy-handed.
During the Biden administration, the regulator levied record penalties against Wall Street rule-breakers and pursued major cryptocurrency firms.
Ryan was on a list of potential Supreme Court nominees that Trump published in his 2016 presidential campaign. She clerked for conservative Supreme Court Justice Clarence Thomas and former judge and well known conservative Michael Luttig.
Previously an active-duty marine, Ryan deployed to the Philippines and Saudi Arabia, according to past congressional testimony and a profile on Harvard Law School’s website. In 2006, Republican President George W. Bush nominated her to be a judge on the U.S. Court of Appeals for the Armed Forces.
She is a graduate of University of Notre Dame Law School, where she finished first in her class, the SEC said.
Sam Waldon, who has been acting director of enforcement since January, will return to his previous role as chief counsel for the division.
(Additional reporting by Ryan Patrick Jones and Bhargav Acharya in Toronto and Douglas Gillison in Washington; Editing by Cynthia Osterman)
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