SEC Contracting Ripped By OIG After $556M Lease Debacle

Law360, New York (March 29, 2012, 7:50 PM ET) -- The U.S. Securities and Exchange Commission's inspector general on Wednesday found the agency had inappropriately awarded several sole-source contracts, in an audit conducted after the SEC awarded a $556 million sole-source lease for office space it didn't need.

After the SEC's botched $556 million contract came to light, the Office of the Inspector General audited 64 of the agency's sole-source contracts and discovered that five of those contracts were not accompanied by approved, written justifications and approvals, or J&As, as required by federal procurement law. Three...
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