SEC enforcement chief leaving

Stephen M. Cutler, director of the SEC's enforcement division since October 2001, is returning to the private sector next month. Mr. Cutler has not yet begun looking for a job, and no successor has been named, said John Nester, a SEC spokesman. Mr. Cutler oversaw investigations of some of the nation's largest corporate failures — including Enron Corp., WorldCom Inc., Qwest Communications Inc., Tyco International Ltd. and HealthSouth Corp. — that resulted in more than $6 billion in fines and penalties. He also led the SEC's actions against mutual fund companies that were implicated in trading scandals since the fall of 2003.