Word: madoff
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From "Sir" Allen Stanford's recent alleged $8 billion CD sticky wicket to Bernie Madoff's $50 billion decades-long lie, it seems each new day brings another round of financial madness, and yet no one person or government agency seems to be moving fast to find a cure. But the Securities and Exchange Commission's Inspector General, David Kotz, is all ears for one group with answers: Wall Street's whistleblowers...
...Kotz is the man saddled with the responsibility for uncovering why the SEC missed Madoff's $50 billion Ponzi. He's also putting together reports later this year that will make recommendations for agency reforms. "We hope to have a Madoff investigation report completed by the end of summer," says Kotz. "We expect to have the audit report recommendations shortly thereafter." (Follow Madoff's downfall in pictures...
...Houston The Next Madoff? The Securities and Exchange Commission has charged billionaire R. Allen Stanford--head of the Antigua-based Stanford International Bank--with orchestrating an alleged $8 billion investment fraud, fabricating data and luring investors with dubiously high returns. Two other bank executives have also been accused of wrongdoing...
...trying to create outreach to investors to be on the lookout for this kind of fraud, to call us," Obie said. "The lessons we've learned from Madoff are twofold. First, no matter how reputable the firm or individual is - and Madoff was highly reputable - you have to check them out. And second, as an agency, we have to follow up on every allegation, no matter who calls it in or how unsubstantiated it might...
Read "Putting Bernie Madoff On the Couch...