SEC

Sen. Reed calls for probe into SEC Madoff ethics issue

Reuters News
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Posted: Mar 21, 2011 3:16 PM

WASHINGTON (Reuters) - A key senator called for a quick and thorough investigation over whether the former top lawyer at the Securities and Exchange Commission improperly advised the agency on Bernard Madoff matters while having personal ties to the fraud.

"The issues of what facts were presented, what time they were presented, and how it was responded to deserves thorough investigation," Senator Jack Reed told Reuters on the sidelines of a Senate Banking hearing on Thursday. "It should be done quickly and the response should be made public."

The SEC's top watchdog is currently investigating whether former SEC General Counsel David Becker should have recused himself from advising the SEC on Madoff matters because he had inherited money from his late mother, who had invested with Madoff.

(Reporting by Sarah N. Lynch; Editing by Maureen Bavdek)