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Androvett Blog

by Robert Tharp at 1:41:07 pm

Stung by criticism over Madoff inaction, has SEC tired of whipping boy role?
White-collar defense lawyer Dan Cogdell says get ready for string of half-cocked probes
Stung by well-deserved criticism that the Securities and Exchange Commission was far too slow to act on the $50 billion collapse of Bernard Madoff's investment funds,
Houston white-collar defense attorney Dan Cogdell says get ready for the pendulum to swing the other way in terms of SEC probes. Cogdell expects overreactions and half-cocked investigations from the SEC as the agency tries to repair its reputation. The civil charges against Houston-based Stanford Financial Group show such signs, he says. "Like any bureaucracy that has been criticized for inaction, it is now far more likely that the SEC will overreact and be quick to presume misconduct," he says. Like Madoff but on a smaller scale, federal investigators say that Stanford misled investors with fabricated historical investment data and false promises. "Whether its actions were truly malignant or in fact benign, Stanford almost certainly will receive an initial diagnosis of cancer. Anyone who expects objectivity on the part of an investigating agency will be sorely disappointed." To interview Mr. Cogdell about the defense of financial fraud claims, contact Alan Bentrup at 800-559-4534 or alan@androvett.com.