The SEC’s 9/11

According to Chris Steskel, a former federal prosecutor, the Bernie Madoff case will be viewed historically as “the SEC’s 9/11. It (the SEC) will be a lot more aggressive and proactive for the next several years — pounce first and ask questions later.”

Richard Scheff, a white-collar defense attorney and former assistant secretary for law enforcement for the Treasury Department, suggested recently that he’s seen higher jail terms imposed on white-collar defendants since Bernie Madoff was sentenced to a 150-year sentence. “But that won’t end fraud,” he said.

“As long as there’s greed, people will always try to get away with something,” he said. “There are schemes being hatched right now.”

What actions would you suggest the SEC take to prevent the next financial crisis?

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About zethics
CEO and founder of zEthics, Inc. Thirty years of experience with finance and accounting background in public private sectors.

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