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Top SEC Lawyer Orders Halt in Destruction of Enforcement Records
September 8, 2011
SEC General Counsel Mark Cahn ordered the Enforcement Division to stop destroying all investigative records, following complaints by an internal whistleblower that the Commission was wrongfully discarding important records.
The order, which was disclosed in a September 7th letter to the whistleblower's attorney, Gary Aguirre, is the latest development in a saga that arose from allegations that the agency has been destroying important investigative files. SEC whistleblower attorney Darcy Flynn first raised concerns about document destruction in July of 2010. At that time, his statements focused on documents known as "matters under inquiry," or MUIs, which are preliminary investigative records.
National Archives Takes Action. Flynn referred his concerns to the National Archives, which last month issued a statement saying the SEC had destroyed the records without the proper authority, but that it was working with the SEC to prevent future problems and was satisfied the destruction had ceased. But on September 6th, a letter from Flynn's attorney to SEC Chairman Mary Schapiro and SEC Inspector General H. David Kotz, raised new, unrelated concerns about the SEC - regarding documents from formal probes, such as records pertaining to closed investigations.
It was in response to this latest complaint that Cahn made the decision to suspend the destruction of all investigative records until further notice. An SEC spokesperson said the Commission has "been working with (The National Archives and Records Administration) for records retention, and have determined to suspend the current policy out of an abundance of caution until a new policy is in place."
The issue of the document destruction has also drawn scrutiny from Congressional leaders - including Republican Senator Charles Grassley - and prompted the SEC Inspector General to investigate the matter concerning destruction of the preliminary investigative records. It is unclear if Mr. Kotz will expand his investigation into the allegations mentioned in the September 6th letter. [Reuters, 9/8/11]
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