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SEC may have destroyed crucial probe data: senator

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AFP
Aug 18, 2011

A US senator said Wednesday that the Securities and Exchange Commission may have destroyed thousands of documents related to probes into possible violations by major banks and hedge funds.

Senior Republican Senator Chuck Grassley said that “an agency whistle-blower” sent him a letter that described the SEC’s allegedly unlawful destruction of records related to more than 9,000 informal investigations.

The documents included cases arising from the 2008-2009 financial crisis, including Goldman Sachs, AIG, and the Bernard Madoff pyramid fund, according to the whistle-blower, Grassley said.

The whistle-blower, 13-year SEC lawyer Darcy Flynn, said the destroyed records related to “matters under inquiry” or MUIs — probes that precede the launch of formal investigations.

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This article was posted: Thursday, August 18, 2011 at 3:07 am





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