Posted Feb 07, 2011 05:27 pm CST
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”