Elaine C. Greenberg will step down in July as chief of the SEC enforcement division's municipal securities and public pensions unit.
One of five specialized enforcement units created in 2010, it focuses on misconduct involving municipal securities and public pension plans, including pay-to-play and other forms of corruption by public officials.
Ms. Greenberg has been with the Securities and Exchange Commission for more than 25 years, and has served as head of the Philadelphia regional enforcement office since 2006.
Andrew J. Ceresney, co-director of the SEC's enforcement division, in a statement praised Ms. Greenberg's “expert lawyering, creativity and tenacity” that contributed to numerous significant enforcement actions. Ms. Greenberg directed the first two SEC enforcement actions against states, charging New Jersey and Illinois for misleading bond investors about their pension systems' funding status; both cases were settled after corrective steps were taken.
Ms. Greenberg also was instrumental in charging former Detroit officials and pension fund adviser MayfieldGentry Realty Advisors with a pay-to-play scheme.
Calls to Ms. Greenberg and SEC officials about her future plans were not returned at press time.