FOR IMMEDIATE RELEASE                               2001-68


Richard H. Walker, Director of Enforcement, to Leave the SEC

   Ten-Year Tenure at Commission Also Includes Service as
  General Counsel and Director of Northeast Regional Office

     Washington, D.C., July 10, 2001 - Richard H. Walker,
Director of the Securities and Exchange Commission's
Division of Enforcement, announced today that after 10 years
of service, he will be leaving the Commission and will
return to the private sector.  He has not yet accepted a new
position and will remain at the Commission for a short
period to assist with the transition to a new Chairman.

     Acting Chairman Laura Unger said, "America's investors
have benefited greatly from Dick Walker's presence at the
SEC.  He has served the Commission masterfully in three
demanding positions, bringing enormous intellect, judgment
and grace to each.  He has been a leader of the staff, an
ambassador of the agency, and a respected colleague and
friend."

     Mr. Walker said, "It has been a privilege to spend 10
years at this great agency and to work with colleagues who
are the best in government.  I am extremely proud to have
had a hand in the Commission's work and to have contributed
to its mission of protecting investors.  The opportunity to
serve under three distinguished Chairmen and nine
outstanding Commissioners, working side by side with
countless members of the staff who inspire me daily with
their talent and dedication, has been the highlight of my
legal career."

     Mr. Walker became Director of Enforcement in 1998 after
serving as the Commission's General Counsel from 1996 to
1998 and Regional Director of the Commission's Northeast
Regional Office in New York from 1991 to 1996.  As Director
of Enforcement, Mr. Walker headed the Commission's largest
Division and directed the Commission's nationwide
enforcement effort.  He spearheaded the Division's attack
against earnings management and other financial reporting
abuses, established the Commission's Internet enforcement
program, and led the Commission's efforts to secure more
criminal prosecutions for violations of the federal
securities laws.

  *  Mr. Walker was the driving force behind some of the
     most significant financial fraud cases ever brought by the
     Commission, including those involving W.R. Grace, Livent,
     Cendant, McKesson HBOC, Microstrategy, Sunbeam, and Arthur
     Andersen, and the 1999 landmark auditor independence case
     against PricewaterhouseCoopers.

  *  In the Internet arena, Mr. Walker created the
     Division's Office of Internet Enforcement and led the
     Commission's attack against Internet securities fraud.
     Those efforts have resulted in approximately 250 cases to
     date, including successful prosecutions relating to
     manipulations of PairGain, Emulex and Lucent.

  *  Mr. Walker forged strong partnerships with federal,
     state and local prosecutors and the F.B.I., resulting in
     record numbers of criminal prosecutions of securities
     violations.  He aggressively attacked microcap fraud and
     organized crime involvement in securities activities through
     coordinated civil and criminal prosecutions.  He also
     orchestrated the Commission's participation in major
     undercover sting operations, including Operation Thorcon
     (resulting in multiple successful prosecutions and civil
     cases arising out of bribes by corrupt promoters) and
     Operation Uptick (involving the largest number of people
     ever charged with securities fraud -- over 100 -- including
     organized crime affiliates).

     Mr. Walker received numerous awards during his tenure
at the Commission, including the Chairman's Award for
Excellence under both Chairman Levitt and Chairman Breeden,
the Commission's Distinguished Service Award, the
Presidential Rank Distinguished Service Award and the
Commission's Law and Policy Award, awarded for his
participation in the government's successful appeal in U.S.
v. O'Hagan, which upheld the misappropriation theory of
insider trading.

     Before joining the Commission, Mr. Walker was a partner
at Cadwalader, Wickersham & Taft in New York City.  He began
his legal career as a law clerk to Chief Judge Collins J.
Seitz of the U.S. Court of Appeals for the Third Circuit.

     Mr. Walker received his B.A. from Trinity College in
1972 where he was a member of Phi Beta Kappa.  He received
his J.D., cum laude, from Temple Law School, where he was
Editor-in-Chief of the Temple Law Quarterly.

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