Word: sec
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...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...
...listening carefully to whistleblowers like Harry Markopolos, the private securities fraud investigator who dogged Madoff for years and whistled loudly, and to others, both inside and outside the agency. "Harry has been helpful for two reasons; he has specifics on how Madoff operated and how he claims the SEC failed in listening to him. We are also listening to his recommendations for change within the agency...
...whistleblowers in catching investor fraud? According to Stephen Obie, acting director of the division of enforcement at the Commodity Futures Trading Commission, over 50% of Ponzi schemes and other frauds he investigates come to him through whistleblowers and investor complaints. The CFTC is the sister agency of the SEC, handling commodities, futures, and foreign currency fraud...
...Even the SEC's new chairman, Mary L. Schapiro, in a recent speech said she wants to improve the SEC's "handling of tips and whistleblower complaints," though an SEC spokesman said it has no plans in the works...
Obie and his team have uncovered seven new Ponzi schemes this year alone, the most recent being this week's $4.4 million affinity Ponzi hitting Hawaii's deaf community and, though not officially called a Ponzi, the SEC's alleged $8 billion CD fraud by R. Allen Stanford, the globe-trotting financier and cricket impresario...