SEC gets it's ass whipped over Prudential fund debacle - Boston chief quits

Car Key Boi

Well-known member
turns out the SEC knew about the mutual fund fraud in Boston for months but did nothing about it. Wouldn't have anything to do with the fact that after every single person in the SEC retires, they automatically get a $250k a year consulting "job" with private industry and a corner office downtown

"Secretary of State William Galvin, the state’s top security regulator, confirmed last week that much of the information used to prepare the state’s civil case against Putnam came from a Putnam call center worker, Peter Scannell. In published reports, Scannell said he turned to Massachusetts authorities after the SEC failed to act on his complaints that the company was allowing some customers to get away with market timing trades despite a company policy prohibiting it."
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