Madoff Congressional hearing calls for SEC testimony

January 27, 2009
3:22 am

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Madoff Congressional hearing calls for SEC testimony

Senate Banking Committee demands testimony from SEC directors. JusticeNewsFlash.com top news for West Palm Beach securities fraud lawyers

West Palm Beach, FL (JusticeNewsFlash.com)–The U.S. Senate Congressional hearings into the alleged $50 billion Bernard Madoff Pozi scheme called for the testimony of top U.S. Securities and Exchange Commission (SEC) www.sec.gov directors. On Monday, Reuters reported the Senate committee called for the testimonies by both SEC directors of enforcement and compliance, inspections and examinations. Linda Thomsen and Lori Richards will report for questioning on Tuesday morning before the Senate. The directors have been asked to present a long list of SEC documents including complaint letters, SEC e-mails, and other vital paperwork.

The Senate Banking Committee has also called for testimony from Stephen Luparello, the interim CEO of the Financial Industry Regulatory Authority, a watchdog for broker-dealers in the finance and securities industry. Both top regulatory agencies have been highly criticized for allowing one of the largest Ponzi schemes in history to go unnoticed and unpoliced.

American consumers, injured investors, government regulators and political officials are still baffled by the Ponzi scheme and remain demanding; Show me the money!

JusticeNewsFlash.com top news for West Palm Beach securities fraud lawyers