Nelson Comments on Madoff’s Lasting Impact on SEC, Compliance

15 April 2021 Law360 News

Partner Margaret Nelson was quoted in a Law360 article, “Madoff’s ‘Seismic Shift’ On SEC, Compliance Still Felt Today,” about the long-term consequences of Bernie Madoff’s $65 billion fraud on financial regulatory agencies.

Nelson, then senior counsel for the enforcement division of the SEC’s Chicago office, recalled the elimination of the division’s branch chief level – which was criticized in an inspector general’s report for communication failures – to allow for more front-line attorneys conducting investigations. The enforcement division tapped more former prosecutors for senior positions, she said, and the agency stated publicly that it would refocus its hiring and training to cultivate a staff with more specialized experience in complex markets and cutting-edge financial products.

“Overall, I think Madoff resulted in a seismic shift in enforcement,” she said.

Insights

Review of Recent Whistleblower Developments
30 July 2021
Legal News: Whistleblower Developments
$4.24M Now the Average Cost Per Data Breach!
30 July 2021
Internet, IT & e-Discovery Blog
Podcast Episode 56: All Things Summer Associate Recruiting
30 July 2021
Foley Career Perspectives
Foley Podcast to Live Panel Discussion
29 July 2021
Foley Career Perspectives
30th Annual Law of Product Distribution & Franchise Seminar
29 September | 7 & 20 October 2021
Milwaukee | Chicago | Dallas
7th National Telehealth Summit
4-5 October 2021
Miami Beach, FL
AHLA Fraud & Compliance Forum
21-22 September 2021
Baltimore, MD
2nd Clinical Trial Agreements Forum
16-17 September 2021
Online Livestream