JP Morgan Chase & Co has lured US Securities Exchange Commission director of enforcement, Stephen Cutler, to head the company's legal and compliance activities worldwide. Mr Cutler will start as general counsel of JP Morgan Chase from February 2007, replacing Joan Guggenheimer who died earlier this year. He will report directly to JP Morgan chief executive Jamie Dimon. Mr Cutler was director of the Exchange Commission’s enforcement division during some of the most active years in the agency's history. He joined the SEC in 1999 and was the director of the division of enforcement from 2001. While at the SEC Mr Cutler oversaw 1,100 employees and led the agency's investigations of numerous financial reporting matters including mutual fund trading scandals in 2003; the WorldCom accounting fraud in 2002; and the 2001 Enron collapse. Mr Cutler is part of an elite club of people who previously held positions in enforcement with the country’s regulator and now work with Wall Street firms; including Richard Walker, general counsel at Deutsche Bank; and Gary Lynch, general counsel at Morgan Stanley.