SEC Leaves Wall Street Without Any Direction

The failure of the Securities and Exchange Commission (SEC) to detect Bernard Madoff's Ponzi scheme initiated a debate over whether Congress should take steps to subject investment advisers to more rigorous and frequent examinations. However, the SEC's recently released report on how to enhance the oversight of investment advisers leaves Wall Street without any direction.    The SEC’s report, required under last year's Dodd-Frank financial … [Read more...]

SEC Leaves Wall Street Without Any Direction

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The failure of the Securities and Exchange Commission (SEC) to detect Bernard Madoff's Ponzi scheme initiated a debate over whether Congress should take steps to subject investment advisers to more rigorous and frequent examinations. However, the SEC's recently released report on how to enhance the oversight of investment advisers leaves Wall Street without any direction.    The SEC’s report, required under last year's Dodd-Frank … [Read more...]

Madoff “Net Winners” Lose Court Fight on Restitution

A federal bankruptcy judge in Manhattan on March 1, 2010, agreed with the trustee trying to recoup money for victims of Bernard Madoff's multibillion dollar Ponzi Scheme. U.S. Bankruptcy Judge Burton Lifland ruled that trustee Irving Picard is correct in denying claims from investors who profited from Madoff's scheme. Picard argued that only the "net losers" — those who deposited more into their account than they took out — should be … [Read more...]