Careers

SEC Officials During Time of Madoff Swindle Now Have Lucrative BigLaw Jobs


Half a dozen officials who worked for the Securities and Exchange Commission at a time when Bernard Madoff’s multi-billion-dollar swindle of investors was ongoing have moved on to new jobs.

Instead of earning approximately $200,000 a year working for the federal watchdog agency they’re now making up to $2 million at BigLaw jobs, reports the New York Post.

For a list of who’s where, read the full article.

Madoff, who is now serving a 150-year prison term, reportedly might have been caught as early as 1992 if SEC investigators had been more diligent. For example, a bankruptcy trustee winding up his affairs has said there is no evidence that any trades were made for more than a decade by the purported hedge fund through which Madoff operated his Ponzi scheme.

Additional and related coverage:

ABAJournal.com (Sept. 2009): “Madoff Thought Jig Was Up in 2006, But SEC Didn’t Check Trades”

ABAJournal.com (Sept. 2009): “SEC Never Did ‘Thorough & Competent’ Madoff Probe, Internal Report Says”

ABAJournal.com (Jan. 2010): “WaPo: SEC Ignores Whistle-blowers, Lacks—and Violates—Tip Procedures”

ABAJournal.com (March 2010): “Repayment Plan for Madoff Victims Puts Total Ponzi Scheme Loss at $20B”

ABAJournal.com (April 2010): “IG Says SEC Largely Ignored Likely Allen Stanford Ponzi Scheme for a Decade”

ABAJournal.com (Nov. 2010): “2 Workers Arrested in $65B Madoff Swindle, Accused of Faking Records, Paying Selves & Firm Friends”

Previous:
UC Irvine Law Dean Disagrees with Charges for ‘Irvine 11’ Who Disrupted Speech

Next:
Eccentric Profs, Cheating Spouses Become Characters in Law Dean’s New Novel


We welcome your comments, but please adhere to our comment policy. Flag comment for moderator.

Commenting is not available in this channel entry.