Legal Filings

Feb 22, 2010

CREW Files Second SEC FOIA Request for Information Regarding Reforms in Wake of Madoff Scandal

FOIA Requests (Legal Filings), Federal Agencies, Securities and Exchange Commission (SEC), FOIA, Bernie Madoff

Citizens for Responsibility and Ethics in Washington (CREW) has filed a FOIA request with the Securities and Exchange Commission (SEC) seeking records demonstrating that the SEC has implemented reforms promised in the wake of the its failure to detect Bernie Madoff’s 65 billion dollar Ponzi Scheme.

The SEC’s Inspector General released a series of reports in fall 2009 detailing the systemic breakdowns that allowed Madoff’s scheme to go undetected and recommending 58 reforms aimed at preventing future failures. These reforms seek to enhance communication within the SEC and between the SEC and other financial entities, improve the knowledge and skills of SEC investigators, streamline and strengthen the complaint process, and increase third party oversight of investment advisers. CREW seeks these documents to enable the public to understand the extent to which these important and necessary reforms have been implemented, and to ensure that the SEC is capable of effectively enforcing the nation’s securities laws.

Click here to read the documents CREW received in response to this request.