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Although Bernard Madoff didn't invent the Ponzi scheme, he did bring
the term "Ponzi scheme" back into the spotlight for millions
in the US. The depth and breadth of the Madoff scheme also changed how
the US Securities and Exchange Commission (SEC) handles these types of
complaints. Let's take a look at how enforcement has changed in a
post-Madoff scheme world.
According to the SEC, it will now:
Change the way complaints are handled. The SEC plans to revamp its system for handling the massive number of
complaints and tips it receives each year. The SEC has now updated its
procedures and is planning a new centralized system that will help track
and analyze the complaints it receives. The SEC also created an Office
of Market Intelligence to help bring complaints and information to the
same place for more effective investigation.
Work on Insider cooperation. The SEC will now put formal agreements in place with insiders who can
offer evidence, which would mean that person could see a reduction in
sanctions, and the investigation into potential securities fraud could
get started earlier.
Keep investors safer. The SEC put rules in place to help protect investors from fraud, including
additional exams and reviews for financial advisors.
In addition to these changes, the SEC is also putting in place wide-reaching
improvements to their own internal controls, training requirements, recruitment
activities, and resources.
The SEC hopes that the results of these new rules and policy changes will mean:
The FINRA lawyers with Meyer Wilson represent investors all over the US
who have lost money to stockbroker misconduct, stock scams, and any form
of investment fraud in mediation, arbitration, and litigation proceedings.
Give us a call to schedule a completely free, no-pressure consultation
to talk about how you may be able to recover your investment losses.
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Investment Misconduct Blog
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Ethan De Naray, currently a registered broker with Feltl & Company, was terminated from his position with Merrill Lynch in May of 2017 after allegedly using discretion in ...
A new bill called the Compensation for Cheated Investors Act would require FINRA to pay investment losses back to investors from a pool of funds. Unpaid arbitration awards ...