Tuesday, September 25, 2012

Bernie Madoff Remains An SEC Approved Money Manager. Huh?

Bernie Madoff gets a bad rap. Sure, he may be in prison for the rest of his life for stealing billions in a notorious Ponzi scheme. But that doesn’t mean regulators have shut down his money management firm, Bernard L. Madoff Investment Securities LLC.
According to a check this afternoon of the SEC’s online Investment Adviser Public Disclosure program, his investment advisory firm’s SEC registration remains approved—as it has been since September 12, 2006. There are limited disciplinary problems disclosed on the firm’s SEC’s IAPD report related to its affiliated, now inactive, broker-dealer but no money management misdeeds.
Time to invest with Madoff?
Update:  ”As a practical matter, you couldn’t invest with the firm if you tried because the firm is out of business and under the control of a trustee since 2008, and the firm’s founder is in prison for 150 years,” SEC spokesman John Nester  pointed out in an email to  Forbes.
So why not deregister the Madoff money management firm?  The SEC wouldn’t say,  but it could, perhaps make life more complicated for the  Securities Investor Protection Corp. trustee who is liquidating the Madoff securities firm.

http://www.forbes.com/sites/edwardsiedle/2012/09/24/bernie-madoff-still-sec-approved-money-manager/

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