and Exchange Commission (SEC) said yesterday it would immediately open an
internal investigation to find out why it failed to follow through on repeated
warning signs over at least nine years about what has been described as Wall
Street’s biggest fraud ever.
Christopher Cox, SEC chairman, said the commission’s initial findings were
‘deeply troubling’ because SEC had received ‘credible and specific allegations’
regarding Madoff’s financial wrongdoing, but failed to respond aggressively.
‘I am gravely concerned by the apparent multiple failures over at least a
decade to thoroughly investigate these allegations or at any point to seek
formal authority to pursue them,’ he said.
In addition, the commission will investigate ‘all staff contact and
relationships with the Madoff family and firm, and their impact, if any, on
decisions by staff regarding the firm.’
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars