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Former Official: SEC Violated Federal Law

August 19, 2011 by  

Former Official: SEC Violated Federal Law

A former Securities Exchange Commission (SEC) official has alleged the agency violated Federal law by destroying the records of enforcement cases it had decided not to pursue, according to The Washington Post. The agency allegedly purged records involving major Wall Street firms, including Goldman Sachs, Citigroup, Bank of America and Morgan Stanley. The cases reportedly involved suspicions of “insider trading, financial fraud and market manipulation.”

“The allegations were leveled in a July letter to Sen. Charles E. Grassley (R-Iowa) from Gary J. Aguirre, a former SEC enforcement lawyer now representing a current SEC enforcement lawyer, Darcy Flynn. Flynn last year began managing SEC enforcement records and became concerned that records that were supposed to be preserved under federal law were being purged as a matter of SEC policy, Aguirre wrote,” the article read.

“From 1993 through July 2010, records of about 9,000 preliminary inquiries were destroyed, Aguirre wrote. The inquiries, a first step in the enforcement process, can lead to full-fledged SEC investigations or be dropped without further action.”

According to the article, Grassley has called on the SEC to explain its actions.

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  • rannan3

    Sounds like ” SEC policy ” needs to be changed, ASAP !
    You have to ask why this agency ( FEC ) has such a policy, in direct violation of Federal policy ?

    Keep after them, Sen. Grassley !

    • Carol Hammond

      Obama is the head chief and commander…he is directly responsible for his offices. Does anyone know why we can not impeach the president and put his czars under investigation….these guys are truly Chicago Mob style guys in our government…I’m not kidding. we need a real investigation! Anyone else feel this way? It seems as if there are many underhanded moves and no one is doing anything about it but talking. I’m sure there are people behind the scenes that are working to clean up this government but we need more speedy investigations. Anything happening in this case? We sure impeached Presidents before and for a lot less….Obama’s list is growing way out of proportion…his list is so long it is hard to keep track of them.

  • TIME

    OMG, NO really, could all we have been saying be TRUE?

    Say its not so Joe, tell us that the Rothschilds babys like Goldman, who got billions in bail outs, well in fact really many Trillions when you figure in all the players.

    How’s its so when Ben, and so many others of Barrys let alone GWB’s – and Clintons, and GB’s picks all were former high ranking Goldman staff?????????

    Look even Paulson was, and how about that special Holder, or that Timieee Githner??????????

    No it all just must be some kind of Mistake, right?

    Afterall how could all these people all be in on the same “”CON game”” how can they be?

    Afterall Barry did say he was for “HOPE & CHANGE,” well we now have to Hope more Americans WAKE UP.
    We sure got the Change, as a matter of fact thats all we have left in our pockets and 401 K’s and Stock accounts, our Realestate, and just how strange all these people now are worth from Hundreds of Millions to Billions…
    Now thats Change you can take to the BANK!

    Duh, so how many here have been saying all this and more or should I say telling you all this for how long now…

    Wake Up people ~~~~ this is not a TV Game show this is the RAPE of your Nation, and you! As well as the theft of your Personal Libertys!

  • Lonnie Albertson

    It would be incredibly refreshing to see even a little less criminality in our out of control, corrupt government. There is no one from the top down that takes any responsibility for anything. Reckless spending, amnesty AGAIN to buy votes, open borders, suppressive regulations by executive order, czars with no restraints and seemingly unlimited power, Holder and his racist policies and gun running, Geithner with his idiocy and a tax cheat in charge of the IRS, the list is endless and intentionally pervasive to prevent suitable prosecutions. The American people are being attacked and subjugated on so many fronts simultaneously that apparently resistance is overwhelmed. We need and must start at the top and do some serious housecleaning to return to the rule of law and Constitutionality. obama should be the first to go as this is his plan and he is meeting no resistance. The only thing I* would wish to see on his teleprompter is the words “I quit.”

  • Lewise

    I really wish we could do something about this idiot in office. I write my congresswoman and senator ,attend tea party rallies, and this idiot just keeps running.he is surrounded by ALL criminals and they WIN EVERY TIME.my husband served 27 yrs in the Navy and now the idiot wants to take away his retirement.Pretty soon we will be in bread lines after working all those years and were ready for our retirement, which we are.Sold our home gave our kids all our stuff and became full time RVERS,our dream for 41 yrs! now we have to work at campgrounds to survive. So much for seeing our Beautiful Country.Hopefully DUMBO, the unions and all the criminals in the whitehouse,will be throne out, in disgrace,next year.If not my husband(69) and myself(67) will not be around to meet our greatgrand kids as we will have whithered away and died.SAD ISN’T IT!!!!!!!!!!! I surely will work hard to get Dumbo OUT and hope millions of people are with me. GOT TO GET DUMBO OUT IN 2012, PLEASE!!

  • Pam Lueder

    I have watched our President do illegal things to our Country. I have stated time after time: “why hasn’t he been impeached yet?” Why has it taken so long for this man to get away with all the internal terriorism he has committed to this Country. Yes, I can see where many countries could and can be jealous of what we have here in the USA. But, we as individuals did it through hard work and determination. Our hard work was supposed to be for our retirement NOT spent on illegal people that have come here.

  • AJ

    What can you say? It’s already here. The global elite have the NWO in place and their puppets in place. Get ready for Animal Farm. The Pigs have been at the financial troff for a while now. And we will see a circus show in 2012.

  • Buster the Anatolian

    Where are eddie, denni, doc sarvis, etc blaiming it all on Bush?

  • eddie47d

    Excellent AJ you get it. Are any of you willing to spend tax money to convict these crooks or are you spitting in the wind? Put some monetary teeth in prosecuting the pirates of Wall Street and their cohorts in the SEC. Right now they know they can get away with these on going scams and burying documents. They (the foxes) work hand in hand with those in the hen house and don’t want to give up their booty. We need Financial Reform with teeth and anyone involved in hiding wrongdoings should be wearing handcuffs.

  • eddie47d

    Buster the Clown! Much of these wrongdoings occurred under the “watchful eyes” of the Bush Administration. Thanks for bringing that up.

    • Buster the Anatolian

      HA HA HA gotcha. This started under Clinton (7 years) continued under Bush (8 years) then continued under Obama (at least 2 years).

  • JimO

    Do to the SEC leaders what they did to the ENRON leaders since they are doing the same things.

  • http://PersonalLibertyDigest Wiselady

    8-21-11

    Wise lady asks;

    Did any of those destroyed documents contained information on how so many bank CEO’s received $50,000,000 to $100,000,000 upon their departure. We could sure help pay our natonal debt by having them return this money since their banks were in trouble.

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