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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

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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.

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