SEC’s Inspector General Investigating Former Top Lawyer

Friday, 04 Mar 2011 03:06 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
H. David Kotz, inspector general of the U.S. Securities and Exchange Commission, said he is investigating former general counsel David M. Becker’s role in the agency’s Bernard Madoff policies after Becker inherited profits from his parents’ investment with the jailed financier.

Kotz said in an e-mail today that he was probing the matter, which also has been the subject of inquiries to the SEC from Republican lawmakers.

Becker, 63, and his brothers inherited about $2 million from their parents’ Madoff account, which they liquidated after their mother’s death in 2004. Irving H. Picard, the bankruptcy court trustee unwinding Madoff’s business, said $1.5 million of that is fraudulent profit and has filed a lawsuit to recover it -- one of hundreds Picard has filed against banks and others to claw back $100 billion of what he terms phony gains.

SEC Chairman Mary Schapiro “requested an inspector general review to ensure an independent gathering and analysis of the relevant facts,” John Nester, an SEC spokesman, said today in a telephone interview.

Becker has said that his work on Madoff matters was cleared by the agency’s ethics counsel. He said his departure from the agency last week was unrelated to Picard’s lawsuit.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved