Yet another story of dirty money making it’s way into the hands of the folks who are supposed to protect our system. Not sure how you prosecute these guys when you have bought judges on the Supreme Court who also are taking bribes. Seems to me that level of corruption brings down the whole system.
The family of the top lawyer at the Securities and Exchange Commission invested with Bernie Madoff and earned more than $1.5 million in ill-gained profits, according to trustee Irving Picard, who has named the lawyer, David M. Becker, as a defendant in a clawback lawsuit, a Daily News investigation has found.
The apparent conflict of interest raises significant questions about the watchdog commission’s failure to stop Madoff and his $65 billion Ponzi scheme, despite repeated red flags and investigations into his operations.
Becker, 63, who is leaving his post as general counsel and senior policy director of the SEC in five days to return to the private sector, has never publicly disclosed his family’s ties to Madoff. He and his two brothers, who are also defendants in the suit, were named executors of their mother’s estate, which included a Madoff account, after her death in 2004. They liquidated the account in 2005, withdrawing $2,042,845, and are being sued as co-executors of the estate and individually.
David Becker was the SEC’s general counsel from 2000-2002 and again from 2009 until this month. He joined the agency in 1998 as deputy general counsel.
A spokesman for the SEC, John Nester, confirmed Tuesday that Becker received the complaint several days ago.
“He had no involvement with his parents’ financial affairs, and no recollection of his parents’ account with Madoff prior to his mother’s death and subsequent liquidation of the account,” Nester said on behalf of Becker.