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Statement from Chairman Schapiro on IG Investigation into Former General Counsel’s Participation in Madoff-Related Matters


Washington, D.C., Sept. 20, 2011 – The following is a statement from SEC Chairman Mary L. Schapiro on the SEC’s Inspector General’s investigation of the former General Counsel’s participation in Madoff-related matters:

“Last March, after learning about the Trustee’s suit against the Becker estate, I asked for the Inspector General to look into the matter.

I take his report, which was published today, very seriously.

It would be inappropriate for me to comment on the Inspector General’s referral to the Department of Justice.

I do want to state that I’ve known David for many years to be a talented, highly skilled lawyer and a dedicated civil servant who served under three Chairmen.

As the Inspector General recommends, we will seek another vote of the Commission on the question of the SEC’s position on the valuation of Madoff victim accounts.

I believe that the decision the Commission made on that issue was appropriate under the law and in the best interest of investors.

Moving forward, we plan to implement the other recommendations contained in the report as well.”

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Modified: 09/20/2011