A Securities and Exchange Commission employee is accusing the agency of illegally destroying thousands of files pertaining to formal agency inquiries into possible wrongdoing on Wall Street, a Wall St Journal reports says..
SEC enforcement lawyer Darcy Flynn alleges the SEC routinely destroyed the files as a matter of internal policy in violation of federal rules, according to a letter last month from Mr. Flynn's lawyer to Sen. Charles Grassley (R., Iowa). All the destroyed files relate to inquiries that were closed after SEC staff decided not to open a formal investigation.
Mr. Flynn, through his lawyer, says the SEC has trashed 9,000 files since 1993 on so-called matters under inquiry, including inquiries into possible securities-law violations at Goldman Sachs Group Inc., Lehman Brothers Holdings Inc., Deutsche Bank AG and hedge fund SAC Capital….
Find out more at http://online.wsj.com/article/SB10001424053111903639404576514732774531662.html?mod=WSJ_hp_LEFTWhatsNewsCollection
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