Unbelievable. Someone put the SEC out of its misery. In a baffling move that only serves to make the them look even dumber, weaker and more pathetically useless than ever, the SEC bumblers let admitted Ponzi schemer Bernie Madoff settle civil charges against him without admitting any wrong doing. SAY WHAT??? No wrong doing? Are they f*cking kidding???? In their infinite wisdom the SEC did ban him from Wall Street, but then again, since he’ll likely be spending the rest of his life behind bars after his June 29 sentencing, BFD. Seems like we’re not the only ones amazed….
Tuesday’s announcement left some legal experts dumbfounded over why the SEC — which has been roundly criticized for failing to detect the Madoff fraud — would settle the case without demanding the jailed swindler accept responsibility.
“I am rather surprised that they would agree to a resolution or settlement where he doesn’t admit guilt in light of the enormity of the fraud, especially in light of the SEC being under so much criticism for being asleep at the switch,” said Bradley Simon, a criminal defense lawyer in New York not connected to the Madoff case.
Guilty Madoff settles civil fraud charges with SEC – Reuters
Tags: Bernie Madoff, Legal, Mary Schapiro, ponzi schemes, Scandal, SEC, Useless federal agencies
