While federal prosecutors won't investigate the Securities and Exchange Commission's former top attorney for participating in the agency's handling of the Bernard Madoff Ponzi scheme, the SEC plans additional steps to close out one of its most prominent conflict-of-interest cases, according to the Wall St Journal.
Federal prosecutors last week informed a lawyer for David Becker, the former SEC attorney, that they don't intend to open an investigation into whether he violated conflict-of-interest laws, about two months after SEC Inspector General David Kotz referred the matter to them.
Still, the SEC plans to redo its 2009 vote on the formula it believes the trustee handling the Madoff case should use to determine compensation for victims. The commission voted to back a method supported by Becker that would calculate victims' claims based on the money they invested minus their withdrawals, and to adjust for inflation.
Kotz recommended a re-vote to ensure that there is no "possible bias or taint." He said Becker participated "personally and substantially" in the agency's initial vote when he had a financial interest in the matter. An SEC spokesman said Wednesday that SEC staff members are working on a recommendation for the commission and no date has been set for the revote...
Read more at http://www.nypost.com/p/news/business/sec_plans_redo_vote_on_madoff_victims_g0QupwA23gnpTVXB9ONHyO
No comments:
Post a Comment