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

Posted Feb 7, 2011 12:27 PM CDT
By Martha Neil

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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"


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