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SEC Wrongly Destroyed Wall Street Probe Docs: US Archives

Law360, New York (August 18, 2011, 10:27 PM EDT) -- A federal archives agency reportedly said Thursday that the U.S. Securities and Exchange Commission had no authority to destroy thousands of files related to preliminary investigations into securities and financial fraud, following similar allegations from an SEC employee.

The U.S. National Archives and Records Administration said in a statement that the SEC "did not have authority to dispose of them per the Federal Records Act," according to the Wall Street Journal.

Thursday's statement follows whistleblower allegations an SEC attorney, Darcy Flynn, made to Sen. Chuck Grassley,...
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