SEC's Head of Compliance Inspections and Examinations Steps Down

Lora Bentley

The woman who has led the Securities and Exchange Commission's Office of Compliance Inspections and Examinations for the last 14 years is resigning as of Aug. 7, according to a United Press International piece at Times of the Internet.

 

Lori Richards and her staff "reviewed" Bernard Madoff's firm three times from 1999 to 2005, but did not detect his elaborate Ponzi scheme, the story says. When questioned by the Senate Banking Committee after Madoff turned himself in, Richards and other SEC enforcement officials told the lawmakers the agency did not have adequate resources to thoroughly investigate every lead.

 

When SEC Chair Mary Schapiro appoints Richards' replacement, the story says, she will have "her own people in nearly all the top positions at the embattled agency."



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