Director of Fort Worth SEC office stepping down

The head of the Securities and Exchange Commission’s regional office in Fort Worth will step down this spring.

David Woodcock, who joined the agency as regional director of the Fort Worth office in 2011, oversees securities investigation in Texas, Oklahoma, Arkansas and Kansas. Associate regional directors Marshall Gandy and David Peavler will serve as co-acting regional directors when Woodcock leaves.

“I will always cherish my time with the outstanding people who have dedicated their lives to protecting investors and strengthening our financial markets,” Woodcock said in a statement Monday.

Woodcock, 46, took over the Fort Worth office after its previous director came under fire from Congress over its handling of an investigation of investor R. Allen Stanford. Stanford was eventually convicted of multiple counts of fraud in March 2012 and was sentenced to 110 years in prison.

During Woodcock’s tenure, Fort Worth office successfully litigated several high-profile cases.

The office won a $47 million judgment against Waco-based Life Partners, which sold insurance death benefits to investors, for misstating revenue though a jury determined that its top officers did not engage in insider trading. Last month, the company’s managers were ousted and a bankruptcy judge called for appointment of a Chapter 11 trustee.

SEC attorneys also won a guilty verdict against New Mexico investor Charles Kokesh, who defrauded his firm’s clients by making false public filings.

Woodcock also formed and led the financial reporting and audit task force at the SEC, which uses new technology to detect and investigate potential fraud in financial statements.

“David has consistently demonstrated exemplary dedication to our mission and great enthusiasm for the work of the Commission,” SEC Chairwoman Mary Jo White said in a statement. Woodcock received an excellence in leadership award from the SEC in 2013.

Previously, Woodcock was a partner at the Austin office of Vinson & Elkins, focusing on corporate litigation in securities class actions, shareholder derivative actions and accounting and auditing issues.

The SEC did not say what Woodcock plans to do after he leaves the agency.

This story was originally published April 20, 2015 at 7:28 PM with the headline "Director of Fort Worth SEC office stepping down."