Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

14108

Enforcement co-director George Canellos to leave SEC

RELATED TOPICS​

George S Canellos, co-director of the Securities and Exchange Commission’s enforcement division, will leave the agency later this month after four-and-a-half years of service in senior leadership positions. 

Canellos (pictured) has played a key role in numerous structural and enforcement policy changes and oversaw significant investigations and enforcement actions related to the credit crisis and insider trading.  
 
He helped lead the agency’s nationwide enforcement efforts during two of its most productive years in 2012 and 2013 while serving as deputy director and co-director of the enforcement division.  Canellos came to the SEC in July 2009 as director of the New York regional office.
 
“George filled an incredibly important leadership role as head of the New York office and later in the top posts of the enforcement division,” says SEC chair Mary Jo White.  “He helped to improve coordination between the enforcement and exam programmes, streamline procedures to expedite investigations, and better integrate our investigative and trial functions.  Every day, he brought to work an intense enthusiasm for our mission, extraordinary intellect and experience, and a total commitment to fairness and the public interest.”
 
Canellos says: “The unparalleled skill, judgment, and sense of fairness that the SEC staff brings to every examination, investigation, and case is the source of the Commission’s greatest strength.  I have been honoured and inspired by the opportunity to work with them and will be forever grateful for and proud of the public service we have performed as a team.”
 
After being named director of the New York office, Canellos was instrumental in its response to the revelation of the Bernard Madoff Ponzi scheme, overseeing investigations and fraud charges against 22 individuals and entities.  Canellos led the implementation of new approaches to examinations of investment advisory firms while more closely integrating the teams responsible for examinations of broker-dealers and investment managers.  Canellos formed a joint working group of examination and enforcement staff dedicated to investigating participants in the penny stock industry.
 
Canellos continued to lead change in these areas as deputy director, acting director, and co-director of the enforcement division in 2012 and 2013 while serving under SEC chairmen Mary Schapiro, Elisse Walter, and Mary Jo White. 
 
More recently, Canellos and enforcement co-director Andrew Ceresney modified the SEC’s settlement policy, requiring defendants in some classes of cases to make admissions of wrongdoing.  They also launched the Financial Reporting and Audit Task Force, Microcap Fraud Task Force, and Center for Risk and Quantitative Analytics to ferret out risks and threats to investors. 
 
Prior to working at the SEC, Canellos served for six-and-a-half years as a litigation partner in the law firm of Milbank Tweed Hadley & McCloy. 
 
Following the departure of Canellos, who has not yet made future career plans, Ceresney will continue to serve as director of the SEC’s enforcement division.

Latest News

Amid a challenging fund-raising environment, regulatory changes and technological advancements, distribution strategy is more important..
Theta Capital has launched its fourth Theta Blockchain Ventures vehicle to invest in core blockchain..
Rabobank has completed a series of groundbreaking pilots to execute more than EUR2 billion in..

Related Articles

British pound coin
Fixed income’s return to favour following widespread interest rate rises has led to investors overcrowding sterling investment grade credit, delegates at the Pensions and Lifetime Savings Association investment conference have heard...
Fixed income’s return to favour following widespread interest rate rises has led to investors overcrowding sterling investment grade credit, delegates..
Sustainable Economy Top Panel
Europe is driving the growth in sustainable investment with global assets under management in ESG-labelled funds passing USD2.8 trillion...
Europe is driving the growth in sustainable investment with global assets under management in ESG-labelled funds passing USD2.8 trillion...
Pension funds
UK institutional investors are questioning the value of investing in private markets despite pressure from government to finance the country’s net zero and levelling up ambitions...
UK institutional investors are questioning the value of investing in private markets despite pressure from government to finance the country’s..
Juan Nozal, Mapfre Asset Management
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024, in what he predicts will be an outstanding year for this asset class...
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024,..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by