The head of the U.S. Securities and Exchange Commission’s accounting fraud task force is leaving the agency.
David Woodcock, who was appointed two years ago to root out improper financial reporting, will step down by June, the SEC said in a statement Monday, without specifying his future plans.
SEC Chair Mary Jo White launched the accounting-fraud task force in 2013 after the number of such cases declined in previous years. Investigators scanned financial statements for red flags, such as restatements and revisions, to find possible frauds.
“David has consistently demonstrated exemplary dedication to our mission and great enthusiasm for the work of the Commission,” White said in the statement. “We and the investing public have been exceptionally well served by his many contributions to the agency.”
Woodcock is also the director of the agency’s regional office in Fort Worth, Texas. SEC associate directors Marshall Gandy and David Peavler will replace him as acting directors of the office, the SEC said.