Osman Nawaz, an agency veteran who rejoined last month, takes over as principal deputy director
The SEC’s enforcement division is prepping for another leadership change in what has been a changing landscape in 2026.
Sam Waldon is to leave his post as Principal Deputy Director of the SEC’s Division of Enforcement on July 31, closing out more than 14 years of service at the agency. Taking his place is Osman Nawaz, who worked at the SEC from 2010 to 2024 and returned last month.
Chairman Paul S. Atkins credited Waldon with taking on numerous senior positions across his tenure and said his advice had been of personal value.
"Sam's contributions to the SEC and the Division of Enforcement for over a decade are well documented and moreover they are reflected in the many key leadership roles he has taken on during his tenure. I have personally benefited from Sam's wise counsel and appreciate everything he has done for our agency. I wish him the best in all of his future endeavors," he said.
Enforcement Director David Woodcock, who himself only took the top job in May, praised Waldon's dedication and said his guidance to fellow staffers would be missed.
"Our paths have crossed multiple times at the agency – most recently while Sam has served as the Principal Deputy. His work ethic and steadfast commitment to the Division of Enforcement have been invaluable and his mentorship to countless colleagues will be sorely missed. I know this chapter of service is ending, but Sam's positive impact at the SEC will endure for a long time," Woodcock said.
Career at the SEC
Waldon's departure caps a career that saw him twice step into the top enforcement job on an acting basis, first from January 2025 and again this year, filling the gap left when Judge Margaret "Meg" Ryan resigned as director in March after only six months.
He also served as Acting Deputy Director between October 2024 and January 2025 and spent 2022 to 2024 as the division's Chief Counsel after starting his career there as a staff attorney and later Assistant Chief Counsel.
In 2011, Waldon won the agency's Philip A. Loomis, Jr. Award, which recognises outstanding legal scholarship, analysis and drafting on difficult legal and policy questions, along with a high standard of professional integrity. He holds an economics degree from Virginia Tech and a law degree from the University of Texas.
Nawaz brings his own long track record at the division, having worked as a staff attorney, Assistant Regional Director, and Chief of the Complex Financial Instruments Unit during his earlier stint at the agency.
Wider shake-up
The change adds to a run of turnover atop the SEC's enforcement operation and its five-member commission over the past several months.
Ryan's resignation in March triggered Waldon's first stint as acting director, before Woodcock, formerly of Gibson, Dunn & Crutcher, was installed as permanent director from May 4, taking charge of a division of more than 1,000 staff.
The reshuffle in enforcement leadership has coincided with separate turmoil among the SEC's commissioners.
Hester Peirce, one of only three sitting commissioners, is due to leave the agency in November to join the faculty at Regent University School of Law, a move that would leave the commission with just two members and no Democratic representation, since the two vacant Democratic seats have gone unfilled.
