Wall Street’s top cop steps down after three years as Trump returns

On By Littum

(Bloomberg) — Manhattan U.S. Attorney Damian Williams will step down Dec. 13 after a three-year reign as leadership of the office known as the sheriff of Wall Street transitions to Donald Trump’s new administration.

Most read from Bloomberg

Williams, 44, announced his plans to step down on Monday, a decision Bloomberg News previously reported. Deputy U.S. Attorney Edward Kim will step into the top job on an interim basis after Williams leaves.

Trump announced earlier this month that he would nominate former Securities and Exchange Commission Chairman Jay Clayton to lead the office.

New York’s Southern District, often called the Sovereign District for its independent streak, handles many high-profile financial fraud cases, as well as those alleging terrorism, organized crime and public corruption.

U.S. attorneys, who prosecute civil and criminal cases for the federal government in 93 districts, are nominated by the president and must be confirmed by the Senate. They generally serve at the behest of specific administrations and depart upon a change.

‘Bittersweet’

Williams’ move closes a chapter of high-profile white-collar crime cases, including the prosecution of FTX co-founder Sam Bankman-Fried and Archegos Capital Management founder Bill Hwang, both convicted of massive fraud after high-profile trials over the past year. In a statement, Williams called the decision to step down “bittersweet.”

“It’s bittersweet in the sense that I’m leaving my dream job and leading an institution I love, which is filled with the finest public servants in the world,” he said. “It’s sweet because I’m confident that I’m leaving at a time when the office is operating at an incredibly high level – maintaining and exceeding its already high standards of excellence, integrity and independence.”

Born in Brooklyn to parents who emigrated from Jamaica, Williams was nominated in 2021 by President Joe Biden, becoming the first black prosecutor to lead the U.S. attorney’s office in Manhattan in its more than two-century history, and one of the youngest.

Prior to his appointment, Williams had spent the previous three years leading the office’s securities and commodities fraud task force.

High profile cases

Williams also oversaw the prosecution of New Jersey Democratic Senator Bob Menendez, who was convicted of bribery and racketeering in July. His departure comes shortly after he accused New York City Mayor Eric Adams of accepting lavish travel perks and illegal campaign donations. Adams, who has pleaded not guilty, is scheduled to go on trial in April, just before the Democratic mayoral primary. Menendez is set to be sentenced in late January.