- Posted November 15, 2011
- Tweet This | Share on Facebook
SEC disciplines 8 employees over Madoff scheme failure
WASHINGTON (AP) -- The Securities and Exchange Commission says it has disciplined eight employees for failing to uncover the Bernard Madoff's Ponzi scheme over a 16-year period. None of the employees were fired.
SEC spokesman John Nester says the discipline varied. Three employees had their pay reduced. Two received 30-day suspensions without pay, one of whom also received a pay cut. The others received shorter suspension or counseling memos. The actions were based on recommendations by a law firm hired by the agency.
Two years ago, the SEC inspector general questioned the conduct of 21 employees in a report on the Madoff affair. Ten of those employees have since left the agency.
The SEC has been criticized for failing to spot the Ponzi scheme. Madoff is serving a 150-year sentence for securities fraud.
Published: Tue, Nov 15, 2011
headlines Oakland County
- Counsel Connect
- Nessel files reply calling for full public hearings on DTE’s data center application
- Webinar looks at program provding protein to families involved with courts
- Michigan veterans warned of postcard scam targeting personal information
- Man sentenced for arson, ?first-degree animal torture/killing
headlines National
- The business of successfully running an in-house department
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Justice Gorsuch writes children’s book about ‘Heroes of 1776’
- Companies use ‘deceitful tactics’ to market harmful ultra-processed products with ‘addictive nature,’ city’s suit alleges
- Lawyer accused of trying to poison her husband
- ‘Lawyers Gone Wild’? Filmmaker criticizes bar as he seeks ethics probe of serial killer’s daughter for alleged lie
