“Throughout my long tenure at the commission, I have been inspired by my colleagues and their unwavering dedication to public service,” Wadhwa said in the Jan. 17 news release. “And we have been effective. During my time as deputy and acting director, I have been gratified to see market participants stepping up their compliance efforts to embrace our shared goal of protecting investors. While the capital markets will always benefit from robust enforcement, the agency’s effectiveness at combating securities law violations is enhanced with buy-in from market participants.”
During his time in the SEC’s enforcement division, Wadhwa “oversaw the filing of more than 2,600 enforcement actions, resulting in orders for more than $20 billion in disgorgement, prejudgment interest and civil penalties, and the return of billions of dollars to harmed investors,” according to the news release. The agency did not reveal what Wadhwa plans to do next.
The news of Wadhwa’s departure came the same day that the SEC announced a record number of enforcement actions from October to December 2024, totaling 200 for the quarter, which represents the most actions filed during that period since 2000.
Those enforcement actions focused on several topics, including alleged bribery schemes, misleading disclosures to brokerage statements and misleading statements on artificial intelligence, among others, the agency said.
The SEC also filed 40 enforcement actions between Jan. 1 and Jan. 17, “indicating that the division’s high level of productivity continues into the second quarter of fiscal year 2025,” the news release said.