Perjury Charges Being Considered for Madoff
SEC Officials Believe Madoff Lied to Them During Past Examinations
By KARA SCANNELL
Wall Street Journal
WASHINGTON -- Lawmakers expressed frustration at regulators' explanations for failing to catch Bernard L. Madoff's alleged multibillion-dollar fraud but drew little blood because officials declined to discuss details of the case.
Linda Thomsen, chief of the Securities and Exchange Commission's enforcement division, suggested in Tuesday's hearing at the Senate Banking Committee that federal prosecutors may pursue charges against Mr. Madoff over what they believe were his lies to SEC officials during past examinations.
[Perjury Charges Against Madoff? ] Associated Press
Linda Thomsen of the SEC, at Tuesday's hearing, said that 'some of the conduct in the prior investigation may itself have amounted to crimes.'
Ms. Thomsen declined multiple times to comment specifically on the SEC investigation or its past examinations of Mr. Madoff's firm, citing the current inquiry.
"We want to be sure to preserve the integrity of any criminal investigation," she told the committee. She said that "some of the conduct in the prior investigation may itself have amounted to crimes," such as "violations of perjury" laws.
In 2006, the SEC discovered Mr. Madoff misled the agency about the number of investors he was managing and the nature of the strategy he used, among other problems, according to SEC documents. Mr. Madoff voluntarily testified, according to SEC documents. The agency required Mr. Madoff to register his firm as an investment-advisory business but didn't pursue the case further.
(More here.)
By KARA SCANNELL
Wall Street Journal
WASHINGTON -- Lawmakers expressed frustration at regulators' explanations for failing to catch Bernard L. Madoff's alleged multibillion-dollar fraud but drew little blood because officials declined to discuss details of the case.
Linda Thomsen, chief of the Securities and Exchange Commission's enforcement division, suggested in Tuesday's hearing at the Senate Banking Committee that federal prosecutors may pursue charges against Mr. Madoff over what they believe were his lies to SEC officials during past examinations.
[Perjury Charges Against Madoff? ] Associated Press
Linda Thomsen of the SEC, at Tuesday's hearing, said that 'some of the conduct in the prior investigation may itself have amounted to crimes.'
Ms. Thomsen declined multiple times to comment specifically on the SEC investigation or its past examinations of Mr. Madoff's firm, citing the current inquiry.
"We want to be sure to preserve the integrity of any criminal investigation," she told the committee. She said that "some of the conduct in the prior investigation may itself have amounted to crimes," such as "violations of perjury" laws.
In 2006, the SEC discovered Mr. Madoff misled the agency about the number of investors he was managing and the nature of the strategy he used, among other problems, according to SEC documents. Mr. Madoff voluntarily testified, according to SEC documents. The agency required Mr. Madoff to register his firm as an investment-advisory business but didn't pursue the case further.
(More here.)
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