The North American Securities Administrators Association (NASAA) today (July 10, 2001) issued the following statement after the announcement that Richard Walker was resigning as the SEC’s Director of Enforcement:

“Dick Walker brought a passion and a commitment to his work that truly inspired others,” said Deborah Bortner, NASAA president and Washington State’s director of securities. “Under his leadership, the SEC took a tough approach to fraud on the Internet, bringing cases, both large and small, that have helped make the Net safer for investors. Dick has also been a forceful advocate of criminal penalties for securities law violators, especially in the area of microcap stock fraud. Dick was committed to working with his fellow regulators, including the states, to leverage limited enforcement resources. We appreciated his inclusive regulatory approach and his dedication to protecting investors, especially the elderly. Dick Walker will be missed.”