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Justice Department Says that Ex-S.E.C. Lawyer Will Not Be Investigated for Madoff Ties

11/09/11

Justice Department says that ex-S.E.C. lawyer will not be investigated for Madoff ties

David Becker, who was the top attorney with the Securities and Exchange Commission, will not be investigated by the Department of Justice. Becker was named in a September report by the S.E.C. which argued that he had substantially and personally participated in the agency's handling of the Madoff fraud case, even though he had a personal financial interest in Madoff's firm. Becker and his two brothers had invested about $2 million with Madoff. When the S.E.C was planning how to compensate Madoff's victims, he advised that it should be done on a ‘constant-dollar' basis, which would take into account the inflation rate when calculating victims' claims. The commission accepted that advice but has not yet implemented it.

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