Word: madoff
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...Madoff consented to the SEC without "admitting or denying the allegations" that he allegedly ran the decades-long fraud under the nose of the SEC. He accepted a permanent asset freeze and agreed that the SEC's complaints against him "are established" and cannot be contested, which makes it difficult for his lawyers to switch tactics and force a trial...
...agreement does not affect criminal charges against Madoff, once considered the smartest man on Wall Street, but it may signal a move on the criminal-plea bargaining front, according to Coffee. "This usually means the defense side is ready to give a little," he said...
While this was going on, SEC inspector-general David Kotz was huddled for several hours late last week with Madoff whistle-blower Harry Markopolos to learn about two new suspected frauds, or mini-Madoffs. Kotz is conducting an investigation into how the SEC missed the Madoff swindle for so long...
Markopolos, a private-securities fraud investigator, is the man the SEC ignored for nine years. The whistle-blower presented damning evidence against the SEC's handling of the Madoff case in a House Financial Services Committee hearing last week, where he detailed his unsuccessful quest to have the SEC stop Madoff's global Ponzi. Nevertheless, he said, he would deliver fresh evidence on two new cases...
...aren't any silver bullet," said Bruce Carton, a former SEC enforcement officer and publisher of the securities-enforcement report the Securities Docket. "These are all bureaucratic obstacles that never should have been there in the first place. It will certainly expedite things, but it won't catch a Madoff." Real change, he said, "is all about putting more people in enforcement and training them...