TV News LIES

Sunday, Jun 25th

Last update05:20:13 AM 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...


Ascena closing up to 650 clothing stores including Dress Barn

Ascena to close 650 storesBetween 250 and 650 retail stores including Ann Taylor, Dress Barn, Loft and Lane Bryant are...

Household debt tops 2008 peak ahead of financial crisis

Household debt in US at pre crash levelU.S. household debt has topped the record level reached in 2008, a milestone for the recovery...

Earn minimum wage in the US? You can afford to live in exactly 12 counties

Minimum wage earners have few places to liveA person working a full-time minimum-wage job will find it virtually impossible to rent an affordable...

In blow to Trump, GE backs NAFTA and voices support for Mexico

GE backs NAFTAGeneral Electric (GE.N) on Friday praised Mexico as a big part of its future and said...
 
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!