Yesterday, the SEC announced that, after just seven months on the job, Director of Enforcement Judge Margaret Ryan has resigned from her position. Here’s an excerpt from the SEC’s press release:

“Our goal has been to the lead the Division of Enforcement back to Congress’ original intent: enforcing the federal securities laws, particularly as they relate to fraud and manipulation,” said SEC Chairman Paul S. Atkins. “I am pleased to report significant progress toward this objective.”

Chairman Atkins continued, “Judge Ryan has served with honor and distinction since joining the Commission last year, hallmarks that have served her incredibly well throughout her distinguished career and will continue to do so. Under her leadership, the division reprioritized enforcing the nation’s securities laws, with a focus on pursuing fraud. I thank Meg for her many contributions and wish her very well.”

“I extend my thanks to Chairman Atkins, the Commission, and the staff of the Enforcement Division for the opportunity to continue my public service in a different role,” said Judge Ryan. “As I recently said, I did not seek the role of Director of the SEC’s Division of Enforcement. Rather, this role found me. And for that, I am grateful. I am confident that the foundation I helped to shape – working together with Chairman Atkins – will continue to serve investors and the markets well.”

The press release says that Principal Deputy Director Sam Waldon will serve as Acting Director of the Division of Enforcement.

The SEC didn’t announce a reason for Judge Ryan’s departure, but the whole situation is very odd. Given her background as a military appellate judge and academic, Judge Ryan seemed an unlikely choice for the position in the first place, and she kept a very low public profile throughout her tenure. In fact, she made her first public remarks as Enforcement Director only last month. Now, she’s gone. Your guess is as good as mine as to why.

– John Jenkins