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SEC Announces Departure of Enforcement Official

Jan 05, 2014
Jing Chen

The Securities and Exchange Commission announced Friday that the co-director of the agency’s enforcement division will leave later this month.

George S. Canellos, who had served in senior leadership positions at SEC for 4 1/2 years, has not made career plans following his departure.

Canellos joined SEC in 2005 as director of its New York regional office; during his tenure at the agency, he played a key role in numerous structural and enforcement policy changes and oversaw significant investigations and enforcement actions related to the credit crisis and insider trading. 

One of the enforcement actions supervised by Canellos include the conviction of Raj Rajaratnam and more than 30 others associated with New York-based hedge fund advisory firm Galleon Management. The firm generated more than $96 million in illicit profits by using confidential information to trade in the securities of 15 companies.

Canellos's departure comes less than a year after he was named to the post as co-director with Andrew Ceresney.  Ceresney will serve as sole director of enforcement following Canellos's exit.

 

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