SEC Official Says Her Resignation Isn’t Tied to Madoff

The head of the Securities and Exchange Commission’s examinations division is resigning after 14 years in the position, but she says the reason for her departure is not Bernard Madoff.

In an interview with the Wall Street Journal (sub. req.), Lori Richards denied that the controversy over the SEC’s failure to detect Madoff’s Ponzi scheme was the reason she is leaving. Richards said she has "been thinking for some time of taking on some new challenges in my career."

The newspaper says the resignation comes amid a broad reshuffling in the agency. The enforcement division has a new director and is undergoing a reorganization.