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Scandal surfaced again at the SEC this week. The SEC IG referred a matter involving the former general counsel of the agency to the DOJ. The matter centers on conflicts arising out of his handling of the Madoff clawback claims for the Commission. That referral was followed by testimony before a House subcommittee by the SEC Chairman and the former General Counsel regarding the matter.
SEC enforcement brought tree significant actions this week. Once ended with a ban from the securities industry for a significant Wall Street player. A second centered on a father and son insider trading ring which is in litigation while the third was a quickly filed "suspicious trading" case brought against unknown securities purchasers.
The Galleon and expert network cases continued to move forward this week with the conviction of a former employee of an expert network. Also key figures in the Galleon insider trading cases were sentenced to prison.
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For more cutting edge commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.
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