Richard H. Walker, general counsel at the Securities and Exchange Commission, succeeded William R. McLucas as the commission's top enforcement officer.
The enforcement director, responsible for investigating misconduct in the securities markets, is considered the second most important position at the SEC, after that of chairman.
Walker, who joined the SEC in 1991, is considered to be a hard-line fighter of securities abuses. Before serving as general counsel, Walker was the director of the SEC's Northeast regional office. In that position, he helped expand the parameters defining insider trading.
"Dick has demonstrated good judgment, intelligence and dedication to investor protection," said SEC Chairman Arthur Levitt, in a prepared statement. "His talent as a litigator and a prosecutor are remarkable."
McLucas – who left after eight years as the SEC's enforcement director – has been hired by Wilmer, Cutler & Pickering, a prominent Washington law firm specializing in the securities industry. McLucas joined six other former SEC lawyers at the firm.
