Word: elisofan
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...Howard Elisofan, a partner at Herrick, Feinstein LLP and a former SEC enforcement attorney, launched a legal action against the SEC on behalf of a victim, Phyllis Molchatsky, last December. He has since filed eight similar complaints. "We're arguing that the SEC was negligent on multiple occasions for many reasons over multiple years, and had they detected the fraud a long time ago, thousands of people would not have been so gravely injured," he said...
...Elisofan is encouraged by the contents of the SEC report, which he says "confirms what we've been alleging all along - that the SEC was negligent in carrying out their statutory purpose to protect the public interest...
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