{"id":844,"date":"2011-03-08T11:33:33","date_gmt":"2011-03-08T11:33:33","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/03\/texas_congressmen_seek_answers"},"modified":"2022-09-19T09:02:47","modified_gmt":"2022-09-19T14:02:47","slug":"texas-congressmen-seek-answers","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-congressmen-seek-answers\/","title":{"rendered":"Texas Congressmen Seek Answers from SEC Chairwoman Regarding Conflict of Interest Related to Madoff Debacle"},"content":{"rendered":"

\t\t\t\tTexas Congressman Jeb Hensarling is one of four Republican members of the House Financial Services Committee wanting to know more about Securities and Exchange Commission Chairwoman Mary Schapiro’s role in managing the conflict of interest presented by appointing David M. Becker as the SEC’s general counsel. Becker, who is no longer in this post, is with someone with a financial interest in a Bernard Madoff investment account. As a senior policy director for the SEC involved in dealing with Madoff Ponzi scam<\/a>, he played a role determining how victims would be compensated.<\/p>\n

Becker’s ties with Madoff didn’t come to light until trustee Irving H. Picard sued him and his two brothers to get back more than $1million of the $2 million they had inherited from their late mother’s Madoff investment. The former SEC general counsel claims that he told Schapiro and the chief ethics officer of his Madoff-related financial interest. Now, however, SEC inspector general H. David Kotz says he wants to probe possible conflicts of interest related to Becker’s role with the SEC as someone who stood to benefit from decisions involving Madoff Ponzi scam victims. According to the New York Times<\/em>, two unnamed sources say while the SEC agreed to return to investors only the funds they had placed in their Madoff accounts, Becker had pushed for allowing the victims to keep some of their investment gains. <\/p>\n

Lawmakers say they want details of Schapiro’s talks with Becker about his Madoff ties. They also want to know whether she followed all the steps delineated in government ethics rules. Also getting into the mix is Texas Representative and Republican Randy Neugebauer, who is quoted in the New York Times<\/em> as stating that he believes the SEC should be held to the same high standard of “transparency and disclosure” as it holds other companies.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Texas Congressman Jeb Hensarling is one of four Republican members of the House Financial Services Committee wanting to know more about Securities and Exchange Commission Chairwoman Mary Schapiro’s role in managing the conflict of interest presented by appointing David M. Becker as the SEC’s general counsel. Becker, who is no longer in this post, is […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3886,3792,3760,3750],"tags":[],"class_list":["post-844","post","type-post","status-publish","format-standard","hentry","category-madoff-ponzi-scheme","category-ponzi-scams","category-sec-enforcement","category-texas-securities-fraud"],"yoast_head":"\nTexas Congressmen Seek Answers from SEC Chairwoman Regarding Conflict of Interest Related to Madoff Debacle — Investor Lawyers Blog — March 8, 2011<\/title>\n<meta name=\"description\" content=\"Texas Congressman Jeb Hensarling is one of four Republican members of the House Financial Services Committee wanting to know more about Securities and — March 8, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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