David Kirkpatrick

April 28, 2009

One bit of Madoff fallout?

A Securities and Exchange Commission with bared teeth and an ax to grind.

From the link:

In the annals of Ponzi schemes, Shawn Merriman is small potatoes. But when the Securities and Exchange Commission announced April 8 that it had charged Merriman of Aurora, Colo. with fraudulently obtaining $17 million to $20 million, the agency’s new director of enforcement, Robert Khuzami, seized on the news. “We pursue Ponzi schemes with a great sense of urgency,” he said, “and bring cases swiftly and successfully to protect investors.”

During the first three months of 2009, the SEC has brought over two-dozen emergency enforcement actions to “halt an ongoing fraud,” added Khuzami. Nine of the cases announced by the agency this year were related to Ponzi schemes; over the same period in 2008, there were none. Observers haven’t had to look far for the reason for the sudden interest.

 

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