Stephen M. Cutler joined the SEC as Deputy Director of the Enforcement Division in January 1999 and served as Director of the Division from October 2001 to May 2005. He supervised the agency’s investigations of some of the largest financial reporting failures in the nation’s history up to that point, including those at Enron, WorldCom, Adelphia, Qwest, Tyco and HealthSouth. He also oversaw the agency’s investigations into violations by NYSE specialist firms and individual specialists for inter-positioning and trading-ahead violations and played a key role in the historic “global settlement” with brokerage firms over research analyst conflicts of interest.