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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Internal Watchdog About to Drop Anvil on SEC
September 8, 2011
SEC Inspector General H. David Kotz is set to release a slew of reports this month concerning serious issues within the Commission that his office has finished investigating. The reports could provide help for congressional legislators looking to limit the SEC's ability to regulate.
The reports will cover a large range of the SEC's operations and internal problems, including:
- The SEC's handling of a potential conflict of interest involving the Madoff fraud. David Becker, a former SEC general counsel, and 2 of his brothers in 2004 inherited $2 million that had been invested with Mr. Madoff - a connection SEC Chairman Mary Schapiro said he disclosed soon after his appointment in 2009.
- The allegations by an SEC whistleblower about the agency's destruction of thousands of documents relating to closed preliminary inquiries.
- The financial package offered to Henry Hu, a University of Texas law professor recruited by Ms. Schapiro in 2009 to head a new division. The temporary contract offered to Mr. Hu included living expenses in Washington, which is unusual for an SEC employee.
- The "revolving door" between the SEC and Wall Street that involve allegations from 2 tipsters that the staff dropped enforcement actions as favors to personal friends.
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