The U.S. Securities and Exchange Commission's enforcement divison is reportedly undergoing its biggest reorganization in nearly three decades. Bloomberg reports:
The overhaul unveiled this week dissolves the division's lowest and largest tier of supervisors, the branch managers who oversee small teams of attorneys, the people said. Some may become front-line investigators; others may be elevated to assistant directors. Assistants, who currently supervise about 18 people each, would instead oversee only six.
A plan to create specialist teams, using a similar management structure, is still being refined, the people said.
The SEC hired former federal prosecutor, Robert Khuzami, in March to overhaul the enforcement division after it was criticized for failing to identify Bernie Madoff's Ponzi scheme.
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