SEC Lawyers Accused of Insider Trading

SEC Lawyers Accused of Possible Insider Trading
The National Law Journal

Just as Bernie Madoff seemed to be gracing fewer front pages, the Securities and Exchange Commission's inspector general dealt another blow to the agency's lawyers. According to the IG's report, one lawyer in the division of enforcement and one in the chief counsel's office are being investigated by the FBI for possible insider trading. Perhaps even more embarrassing, the report finds that there is "essentially no compliance system in place" to ensure that SEC employees are not trading on nonpublic information. [more]