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Perlmutter Calls On SEC Chairman To Focus On Securities Fraud In Wake Of Madoff Scams

Press Release

Date: Dec. 17, 2008
Location: Washington, DC
Issues: Finance and Banking

U.S. Rep. Ed Perlmutter (CO-07), a member of the House Financial Services Committee, issued the attached letter today calling for SEC Chairman Christopher Cox to promptly move forward with investigating corrupt investment businesses as was originally planned by the SEC back in 1998.

Perlmutter stated, "We've heard Congressional Testimony from Chairman Cox that the SEC is focusing on risky behavior in the derivatives market, however, beginning in 1998 -- a full year before the SEC started receiving complaints on Barnard Madoff, we know the SEC planned to review and audit newly formed investment advisors. Had this occurred, thousands of investors might have been protected from losing their life savings. I urge Chairman Cox to promptly inform Congress about what he needs and how he intends to ensure these types of Ponzi schemes never happen again."


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