Word: sec
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Dates: during 2000-2009
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Although Khuzami is well respected by many, some people would like to see bolder personnel changes made in the SEC's enforcement operation. (See the worst business deals...
...problem that our regulatory agencies can't find tough prosecutors without ties to the banking industry," said John Coffee, an SEC watcher and a securities-industry law professor at Columbia University. "It's unsettling that the government's revolving door always leads back to banks." In any case, Coffee believes, Schapiro will "need more than one person to change things...
...while Thomsen's press-release drafts were still being proofed, the SEC announced on Monday that it had reached an agreement with Madoff over a partial judgment on civil penalties related to his alleged masterminding of the now infamous $50 billion Ponzi scheme, considered the largest in history. A Ponzi is a fraud in which money from new investors is used to pay off previous investors...
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...
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...