As the new co-directors of the Enforcement Division at the U.S. Securities and Exchange Commission, long-time friends George Canellos and Andrew Ceresney have a formidable to-do list.

The former federal prosecutors say their top priority is combating fraud in all its guises, from insider trading to misstated financial records to dishonest investment advisers — not to mention implementing new rules under the Dodd-Frank Act. "We need to be a force to be reckoned with," the pair recently put it.