SEC Has Toughened Enforcement Efforts, Agency Says
Legal Topics | 2010/09/22 18:27

The Securities and Exchange Commission's chief enforcement official says the agency has toughened its efforts to shut down financial misconduct after failing to act quickly in the cases of R. Allen Stanford and Bernard Madoff.

SEC Enforcement Director Robert Khuzami says in testimony prepared for a Senate hearing that "we have moved aggressively" to put in place reforms recommended by the SEC inspector general. The IG found that the SEC knew since 1997 that Stanford likely was operating a Ponzi scheme but waited 12 years to bring fraud charges against the billionaire.

Khuzami also tells the Senate Banking Committee the SEC is working to provide "maximum recovery" to investors hurt in Stanford's alleged $7 billion fraud.

Stanford has been in federal prison since his indictment in June 2009 on criminal charges that his international banking business was really a pyramid scheme. He is disputing the charges. He faces a life sentence if convicted.

The SEC didn't bring civil fraud charges against Stanford until February 2009. SEC Inspector General David Kotz said in a report issued in April that "institutional influence" in the enforcement division was a factor in the agency's repeated decisions not to conduct a full investigation.

The report found that SEC enforcement officials discouraged cases that couldn't be resolved quickly. And it said an SEC enforcement official who helped quash investigations later legally represented Stanford.

The SEC's office in Fort Worth, Texas, had conducted "examination after examination" of Stanford's business over eight years, but "merely watched the alleged fraud grow, and failed to take any action to stop it," Kotz testified at Wednesday's hearing.



[PREV] [1] ..[1827][1828][1829][1830][1831][1832][1833][1834][1835].. [2251] [NEXT]
All
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Opinions
Supreme Court upholds cross on pu..
Court rules UK must reconsider ar..
High court avoids new case over s..
High court lets Virginia voting g..
Brazil's supreme court votes to m..
Former FIFA official to challenge..
Supreme Court sides with Alabama ..
Supreme Court Rejects Challenge T..
Supreme Court rules against oil d..
US court weighs if climate change..
Carnival will pay $20m over pollu..
Court: NFL's Bucs not entitled to..
Utah judge suspended for making a..
DeVaney sworn in to South Dakota ..
Brazil's supreme court votes to m..
Russian court extends arrest for ..
Former Nissan chairman Ghosn appe..
Feds: US Supreme Court should tur..
Supreme Court conservatives attac..
Students in Colorado shooting fac..




Santa Ana Workers' Compensation Lawyers
www.davidgentrylaw.com
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
www.krol-law.com
Bar Association Website Design
Bar Association Member Management
www.lawpromo.com
Indianapolis, IN Personal Injury Law Firm
Indian Personal Injury Attorneys
www.rwp-law.com
Downtown Manhattan Business Law Attorneys
Breach of Contract Lawyers
www.woodslaw.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Law Firm Web Design Templates
Lawyer Website Templates
www.webpromo.com
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
 
 
 
Copyright © ClickTheLaw.com. All Rights Reserved. Legal Marketing Blog. The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the www.clickthelaw.com you agree to be bound by these Terms & Conditions.

Affordable Legal Web Designby Law Promo