TV News LIES

Thursday, Aug 21st

Last update07:06:34 PM GMT

You are here News Economy Eight SEC employees disciplined on failure to stop Madoff fraud

Eight SEC employees disciplined on failure to stop Madoff fraud

E-mail Print PDF

Securities & Exchange CommissionThe Securities and Exchange Commission, which failed to stop Bernard Madoff’s long-running investment fraud despite repeated warnings, has disciplined eight agency employees over their handling of the matter but did not fire anyone, according to a SEC spokesman.

A ninth employee, who was facing a potential seven-day suspension, resigned before disciplinary action was taken, spokesman John Nester said.

The SEC’s head of human resources had recommended that SEC Chairman Mary L. Schapiro fire one individual, according to an official involved in the process. The human resources head took that position after a law firm hired by the SEC to advise it on the disciplinary actions also recommended that the employee be fired, the official said.

The law firm, Fortney & Scott, “recommended formal disciplinary action, including removal from service,” for an assistant regional director at the SEC, the agency’s inspector general said in an August report.

The punishments given the employees varied and included suspensions, pay cuts and demotions. An employee who received one of the most severe sanctions got a 30-day suspension along with a reduction in pay and grade.

TVNL Comment: Wow.  Were some of these crooks sent to 'time out' as well?  What a disgrace that no one was fired or prosecuted.  The one percent win again.

More...


Most Recent Related Stories...


BofA in $16.5 billion deal with U.S. over mortgage bonds

Bank of AmericaBank of America Corp is expected to pay more than $16.5 billion to end investigations into...

Cisco to cut another 6,000 jobs as forecast falls flat

Cisco layoffsCisco Systems Inc (CSCO.O) forecast tepid current-quarter results and said it plans to cut another 6,000...

Labor sharks sink teeth into low-wage immigrant workers

Wage theftWhen Ophelia Hernández, a 53-year-old clothing store owner from El Salvador, got working papers to come...

Report: 18 firms hold a third of US wealth

major corporations in USIncome inequality is a hot political topic and a report showing that a small number of...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!