SEC Properly Disciplined Workers Post-Madoff, Senate Told

Law360, New York (November 16, 2011, 1:08 PM EST) -- The U.S. Securities and Exchange Commission's top enforcement official told senators Wednesday that the agency largely followed the advice of outside counsel in disciplining employees for their handling of Bernard L. Madoff's Ponzi scheme and cases stemming from the 2008 financial crisis.

Sen. Jack Reed, D-R.I., chairman of the Senate Banking Committee's subcommittee on securities, insurance and investment wanted to know why the SEC sanctioned eight employees — including several within its Division of Enforcement — for their conduct involving Madoff's $65 billion Ponzi scheme. A...
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