For Immediate Release
Matt Jacob: 202.408.5565
CREW Sues SEC for Records of Reforms in Wake of Madoff Scandal
WASHINGTON - Today, CREW filed a lawsuit against the Securities and Exchange
Commission (SEC), challenging the SEC’s failure to produce records in
response to CREW’s October 6, 2009 Freedom of Information Act (FOIA) request
for records related to reforms the SEC has taken in the wake of its
failure to detect Bernard Madoff’s $65 billion Ponzi scheme.
Although the agency received numerous complaints and tips about Mr.
Madoff’s activities over a 16-year period, and conducted five major
investigations and examinations of Mr. Madoff, the SEC still failed to
detect his colossal fraud. In January 2009, the SEC began implementing
what it described as “decisive and comprehensive steps” to reduce the
chance similar frauds will occur in the future or remain undetected by
law enforcement, and an extensive Inspector General report outlining
the SEC’s multiple failures suggested 58 more reforms in September. The
records CREW seeks will help the public understand the extent to which
the SEC has implemented meaningful and necessary reforms.
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Citizens for Responsibility and Ethics in Washington (CREW) is a nonprofit 501(c)(3) organization dedicated to promoting ethics and accountability in government and public life by targeting government officials -- regardless of party affiliation -- who sacrifice the common good to special interests. CREW advances its mission using a combination of research, litigation and media outreach.