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November 13, 2011

S.E.C. Punishes 8 Workers in Errors Tied to Madoff

 

The Securities and Exchange Commission disciplined eight employees for missteps related to Bernard L. Madoff’s Ponzi scheme, with punishments as varied as suspensions or written reprimands, an agency spokesman said.

The sanctions stem from Inspector General H. David Kotz’s 2009 report on the agency’s dealings with Mr. Madoff, according to John Nester, an S.E.C. spokesman. Mr. Kotz had urged the S.E.C. to act on an “employee-by-employee basis” to prevent a recurrence of mistakes that kept the agency from halting the fraud.

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