Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, June 3, 2011

SEC's Inspector General Reports on Investigations into Agency's Failings

The SEC's Inspector General recently released its Semiannual Report to Congress on the activities and accomplishments of the SEC's Office of Inspector General (OIG) for the period of October 1, 2010 through March 31, 2011.  According to the Inspector General's cover letter:

...[W]e completed approximately 20 investigations on a myriad of complex and significant issues, including the failure to uncover a $554 million Ponzi scheme, improprieties in the SEC’s Office of Information Technology’s (OIT) acquisition of approximately $1 million of computer equipment, the alleged violation of post-employment restrictions, the role of political appointees in the Freedom of Information Act (FOIA) process, abusive and intimidating conduct in the workplace, dissemination of false and misleading information regarding an active SEC enforcement investigation, unauthorized disclosures of nonpublic information, theft of funds, misuse of computer resources, and abuse of compensatory time for travel. We are also actively working on and finalizing several additional investigations, including an investigation of the facts and circumstances surrounding the SEC former General Counsel’s involvement in activities relating to the Bernard L. Madoff Ponzi scheme in light of a lawsuit brought against him and his brothers by the trustee appointed in the Madoff liquidation under SIPA for the return of approximately $1.5 million in fictitious profits received from the Ponzi scheme, and an investigation into allegations that the agency’s leasing activities and related procurements at the Constitution Center and Station Place III sites in Washington, D.C., have resulted in significant waste of government funds and/or violated federal regulations

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