Created by CREW

CREW: Securities and Exchange Commission (SEC): Regarding Reforms in Wake of Madoff Scandal

On October 6, 2009, CREW filed a Freedom of Information Act request with the Securities and Exchange Commission (SEC) seeking records related to steps it has taken to institute reforms in the wake of Bernard Madoff’s $65 billion Ponzi scheme that the SEC failed to detect for at least 16 years. The SEC’s systemic failures are documented in a series of reports issued in September by the SEC’s Inspector General, which also made 58 recommendations for changes. Since Madoff turned himself in last year, the SEC has announced a series of reforms to its Division of Enforcement and Office of Compliance Inspections and Examinations – the groups that did not uncover Madoff’s fraud. CREW seeks these documents to help the public understand the extent to which the SEC has implemented meaningful and necessary reform and the extent to which the SEC is currently capable of enforcing the nation’s securities laws.