Judge Questions SEC's Oversight Of $55M Investor Program

Law360, New York (July 25, 2012, 10:01 PM EDT) -- A New York federal judge on Wednesday raised doubts over the U.S. Securities and Exchange Commission's oversight of an investor education program that received $55 million from the agency's $1.4 billion settlement with investment banks in 2003, pointing to “opaque” expenditures by the program.

U.S. District Judge William H. Pauley questioned the management of funds by the program, the FINRA Investor Education Foundation, which promotes research projects targeted at educating the investing public, saying that neither the SEC nor the foundation have adequately accounted for the...
To view the full article, register now.