United States Securities and Exchange Commission report shows:
United States sec "help" McDonnell Douglas husband cheating
United States Securities and Exchange Commission oversight body 2, released the report shows that the SEC investigators 1992 "countless" mistakes found financial giant fraud Bernard · McDonnell Douglas's deception. However, the SEC has not only failed to expose "pangs scam", but the "help" McDonnell Douglas husband attract more investors to join.
Deaf
SEC Attorney David · Coates wrote in the report: "Although the SEC countless received credible and detailed complaint, but had never been thoroughly investigated McDonnell Douglas's transactions, never to take the necessary measures, in order to determine whether he was using the ' fraud ' deception pangs. ”
This report road, SEC enforcement officials received reports that has 5 times on the McDonnell Douglas's trade practices, almost always "immediately discover his lie, paradoxically," but did not continue tracking. Additionally, law enforcement officers also refused to report to provide more evidence.
Coates also report that SEC has committed one of the "worst" big mistake. He said the SEC had in May 2006 to McDonnell Douglas's forensics and gets his account number. McDonnell Douglas husband said that he had thought he "ruined," but let him greatly surprised that the SEC could not continue the investigation.
Federal prosecutors, the former SEC lawyers Jacob · French Kerr said: "SEC 16 years is wearing goggles and batches because their brains rigid. ”
Fuelling scam
The copies of a 450-page report, the most interesting point is that the SEC will conduct surveys not only failed to curb the McDonnell Douglas's deception, but rather help him "recruitment" more "pangs scam victims".
Report, writes Mike Duke's initiative to inform those interested investors, the SEC has verified his transaction, did not find any problems, to improve their "confidence level".
He also told investors to boast, and SEC has a "relationship".
But Coates said that the investigation has not found evidence that McDonnell Douglas, and SEC has inappropriate relationship or investigators corruption exists. Although the former senior SEC officials, Eric · Swanson and McDonnell Douglas's niece Sally na · McDonnell Douglas husband had had a love affair, but it did not act on sec.
McDonnell Douglas husband has served as Chairman of the Board of Directors of the NASDAQ stock market company, fraud exposure, last December was $ 650 billion. His March to the Court, plead guilty, sentenced to 15 years ' imprisonment.
Oath reform
Reports published, SEC Chairman Mary Schapiro · issued a statement saying: "the report clearly shows that the SEC will miss many opportunities to discover scam ... The mistakes we are still under review, will lead us in many aspects of the reform launched in order to monitor the markets and protecting investors. ”
Shapiro said that sec intends to establish new mechanisms, incentives to report. "We want to make the relevant provisions, to report illegal behavior, provide valuable evidence of rewards," she said.
Democratic Senator, Senate Banking Committee Chairman Christopher Dodd said ·, Banking Committee scheduled for September 10 report on coats held a hearing.
"We will pass this report looks at where there is a problem, the best way to correct the error," he said.
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