SEC Awarded Bonus to Employee Who Failed to Uncover Madoff Ponzi Scheme, IG Says
By Pete Winn
CNSNews.com
By Pete Winn
CNSNews.com
The U.S. Securities and Exchange Commission (SEC) issued a $1,200 bonus in 2010 to an SEC employee who played a key role in an examination and an investigation that failed to uncover investment counselor Bernie Madoff’s $50 billion Ponzi scheme.
In a report released August 2, SEC Inspector General H. David Kotz disclosed that during a general review of SEC bonuses earlier this year, his staff uncovered the fact that one of the key participants in both a 2005 examination and a 2006 investigation of Madoff had received the $1,200 cash award in April 2010.
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In a report released August 2, SEC Inspector General H. David Kotz disclosed that during a general review of SEC bonuses earlier this year, his staff uncovered the fact that one of the key participants in both a 2005 examination and a 2006 investigation of Madoff had received the $1,200 cash award in April 2010.
Read the Full Story
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