Saturday, September 17, 2011

Former SEC General Counsel Faces Criminal Probe For Actions As Commission's Lawyer

US Government ethics officials will recommend a criminal investigation of the SEC's former general counsel, David Becker, for his role in recommending more generous compensation for Madoff' victims.

Becker persuaded the SEC to reverse its existing investor compensation policy to a more favorable investor recoupment while failing to disclose that his family and himself, as an estate beneficiary, had a personal financial interest in Madoff investor victim compensation claims.

See NY Times, "Officials Eye Madoff Role of a Lawyer" by Gretchen Morgenson and Louise Story:

The Wall St. Journal, "Ex-SEC Lawyer's Madoff Ties Face Scrutiny: Watchdog to Urge Justice Department Review of Whether Conflict-of-Interest Laws Were Broken" by Jessica Holzer:

Bloomberg News, "SEC Watchdog to Refer Ex-Counsel’s Madoff Work to Justice" by Robert Schmidt and Joshua Gallu.

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