Wall Street Cop Said to Purge Contractors as Budget Fight Looms

By Matt Robinson and Benjamin Bain, Bloomberg News

Facing possible budget cuts under President Donald Trump, the Securities and Exchange Commission is eliminating dozens of contractors hired to help root out Wall Street fraud, said two people with knowledge of the matter.

The contractors aren’t full-time federal employees, but the SEC, which oversees the finance industry, relies on them to help shoulder complex investigations that often lead to trials that can go on for months or years.

The recently eliminated positions include data-entry staff and paralegals, raising concerns within the SEC that the pace of enforcement actions will slow as ...