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: (Sept. 2009): “Madoff Thought Jig Was Up in 2006, But SEC Didn’t Check Trades” (Sept. 2009): “SEC Never Did ‘Thorough & Competent’ Madoff Probe, Internal Report Says” (Jan. 2010): “WaPo: SEC Ignores Whistle-blowers, Lacks—and Violates—Tip Procedures” (March 2010): “Repayment Plan for Madoff Victims Puts Total Ponzi Scheme Loss at $20B” (April 2010): “IG Says SEC Largely Ignored Likely Allen Stanford Ponzi Scheme for a Decade” (Nov. 2010): “2 Workers Arrested in $65B Madoff Swindle, Accused of Faking Records, Paying Selves & Firm Friends”

Untitled Document

We welcome your comments, but please adhere to our comment policy and the ABA Code of Conduct.

Commenting is not available in this channel entry.