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...wasn't so successful, you could almost feel sorry for Mary Schapiro, the new chief of The Securities and Exchange Commission. As soon as she settles in at Washington's most beleaguered agency - she was sworn at the SEC's offices Tuesday morning - Schapiro will have two makeovers to handle: the first, the demoralized and embarrassed agency, and the second, herself...
...sure this is an unusual flow of Ponzis," says Katherine Addelman, SEC regional director in Atlanta. "But since Madoff, there's a lot more coverage. These cases are moving to the front page, and because of it more people are getting skeptical of these investments," she says. "They're more willing now to give information to us." Some Ponzi crooks are either so brazen or stupid, Addelman says, "they even solicit SEC staff members." (See pictures of TIME's Wall Street covers...
Most Ponzis Addelman sees are unregistered funds, so it's often "too late for us to stop the major damage." In the new SEC case against Ossie, however, "this was ongoing and he was still getting money from investors," she says. "We had to move fast to shut it down." (See pictures of the top 10 scared traders...
...SEC does not keep statistics on Ponzis, according to John Heine, SEC deputy director of public affairs. "There are too many variations," he says. "It's hard to categorize a Ponzi vs. a pyramid scheme vs. something else...
Maybe the new SEC chief, Mary Schapiro, should consider just such a push...