Accompanying the release of an executive summary of the Security and Exchange Commission Office of the Inspector General’s 450-page report due out on the transgressions of Bernard Madoff, SEC Chairman Mary Schapiro has released a statement regarding the improvements her agency has made following the Madoff scandal. Citing the SEC’s desire to revitalize its approach to fraud in the wake of Madoff’s conviction, Schapiro cites agency-wide improvement, including more staff, more thorough inspection procedures, and better internal training. “Although numbers cannot tell the entire story,” says Schapiro, “already we have filed more than twice as many emergency temporary restraining orders this year related to Ponzi schemes and other frauds, as compared to the same period last year.”
SEC’s Schapiro Answers to Madoff Report
The SEC chairman says that the Madoff debacle has motivated her agency to improve its enforcement.
September 2, 2009