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.
SEC enforcement chief leaving
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