Trump Jr. is the sole trustee and has sole voting and investment power over all securities owned by the revocable trust, The Associated Press reported.

The SEC charged Cantor with violations of antifraud provisions of federal securities laws.

It took three years, but he was charged with an 18-count indictment in Nevada that included securities and wire fraud, money laundering and failure to file tax returns.

Under new leadership, the agency could very well drop the case, said John Coffee, a professor at Columbia Law School and an expert in securities law.

Mr. Atkins, 66, who was an S.E.C. commissioner under President George W. Bush, is a well-known, and generally admired, figure in Washington legal circles and the securities regulatory community.