SEC disciplined agency employees over failure to stop Madoff fraud

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SEC disciplined agency employees over failure to stop Madoff fraud

The Securities and Exchange Commission has disciplined seven agency employees over their handling of the Bernard Madoff investment scheme, a person familiar with the actions said. An eighth person resigned before disciplinary action could be taken, the person said. A senior agency official and an outside consultant recommended that one of the employees be terminated, an official said.

The SEC has been sharply criticized for failing to act on repeated warnings that Bernard Madoff’s prominent investment business was a
fraud.

Read more at:
Washington POST Article on SEC Discipline Re Madoff Case

7 Responses

  1. Really blame the employees again and not the Banks.
    Stan

  2. 50 lashes with a wet noodle? –that oughto make the people bilked out og millions feel better–but oh i forgot–govt paid em off–so its me gets to pay on april 15–i feel so much better now–did the one that resigned get a corner office on wallstreet or just retire to the caymans–give me a break

  3. Monkey See No Evil, Hear No Evil, and Speak no Evil?

    Predatory Lending, Laundering of Cash? Secret closings?
    Non-disclosed service marks incorporate ‘strangers’ into deal and can’t be named not listed on contracts? Escrow closings give good TITLE COMMITMENT.

    SIGNIFICANT QUESTION OIG-HUD.

    WHO KEEPS COMMITMENT FEE WHEN THERE IS NO LENDER? KICKBACK? Stipends? Rewards not RESPA violations when SERVICER not LENDER!
    Where is OIG-HUD by invitation only? Are these or not egregious acts? Oh I know the programming of whether the complaint may be investigated pending: Is this a national bank’s servicer affiliate? If Yes, skip all consumer complaints.
    FREDDIE and FANNIE forward selling loans to REMICS OK with you? Not with me? All decisions of favorable defaults are in their favor and best interests (or were).
    Concealment of secret closing? Accounting transactions? Predatory Lending ? Yes. How? Who knows? How do we report who did or did not do what to whom and when? Whether first is on second and when gets to third? How would we know if Who did What and to When and Where and How?
    No documentation loans 2005 forward a mere phone call can ruin your life for anyone can take a loan and the taking of cash ad-hoc buried in a deceptive system where harming the economy does not rate as a dishonorable act. All the FRB & OCC who are vested oversight say shucks it’s too late – we don’t have records. Do you need a document subscribers ID? You can order whatever document you want? FRB and OCC would not know how to look at a transaction if not a process flow chart! OCC & FRB don’t look at retail transactions which are visible only to select member of clearing house.
    Escrow. Title company secretly closing with Qualified intermediaries? REO Brokers? 1031 Exchanges? Go forth and ‘Give Good Title’ during origination and during servicing of defaults and you too shall receive substantive monetary rewards, and stipends for monetizing asset into liquid form.
    What kind of substantive rewards? Let’s think about the good one – keeping proceeds of sale (insurance proceeds) held in trust issued under ‘Lenders Insurance Options where you select if you want proceeds of sale and execute the option during the prescribed 60 days’ – but wait a minute the property must be REO unoccupied ‘Improvement’ on HUD. Is that whey the proceeds of sale are held in trust for however long it takes to resell REO at retail?
    Do the courts know that is why so many complaints exist related to sheriff sale happening before the court rules over motion for summary judgment.

    It’s the secrets which harm and it’s what the MONKEY wants
    MONEY in order to get the money all must be kept secret!
    Qualified Intermediaries re all of the CLEARING HOUSE MEMBERS who’s CREDIT FACILITIES are combined into a cooperative from which FANNIE and FREDDIE and institutional investors can manipulate which institutions default surely significant. Whether Correspondent Lenders and Depository Trust Companies egregious acts related to substantive predatory lending, money launderings, and harmed both classes of consumers and economy third element of national security. Through technology all feel like hands off crimes don’t count? Why? Sanctions! Can’t sue a ‘service mark’ now can we. They are not anywhere on the contracts are they?
    Title Commitment allows valuation first GOOD TITLE COMMITMENT, then appraisal, then authorization of underwriters with no documentation requirements of all loans forced placed into alternative pipeline –Alt-A does not mean bad credit only that one of the GSE requirements not met, the loan request passed into the alternative pipeline.
    All closings between the REO and ORE are secret in what is known as ‘pre-closing’ no it’s a real closing! The ‘secret’ partners who get equity title and purchase default debt and close in names of affiliates’ national bank are what evil is all about!
    For example, all of the Qualified Intermediaries c/o WFHM dba RELS who dba ATI Title secure ESCROW (FUNDING) closings occur by BOTS, SPAM BOTS – automated processes that pass through systems and give and get good title. Reliance on Good Title in accordance with FREDDIE/Fannie allows institutional investors to not pre-inspect title for defects! Where are the consumer protection police?
    The Depository Trust Companies’ individual Indenture Trustee passes cash out of commercial checking accounts, TREASURY of WFHM Institutional orders cash payable to the local Bank Closing Agent c/o Lawyers Title Corporation and closes local secret service mark RELS ‘storefront’ agents, agency, dealers, brokers, distributors and close WFHM div WFBank’s PREMIER ASSET SERVICES ‘LENDERS’ WHO ARE AUTHORIZED REO’S. The CAPTITAL FUNDING of ESCROWS & Correspondent Lending process governance by all of the WFHM Institutional ‘Office of the Presidents’ One Hope Campus, Des Moines IA 6/8/2004 service mark of RELS and ATI TITLE are authorized individuals do business with employees of WFHM div WFBank NA SERVICERS Minneapolis MN.
    CTSLink of each Indenture Trustee reveals balance sheet transactions by loan.
    Who presents documents to consumer? The only party not a stranger remains the agents, dealers, brokers, distributors of the RELS dba ATI Title formerly ATI Holdings c/o Norwest Corp dba Wells Fargo & Co/MN escrow’ companies #1 Servicer and #1 Originator the RELS Agent & SERVICER closes with Consumer.
    Post-closings ‘escrow’ title & settlement agents are affiliates of national banks whom the OCC, Fannie/Freddie, Federal Reserve approve the process through which the RELS dba ATI agents, dealers, distributors, brokers return to RELS Title in Nebraska, the WFHM Institutional, Office of the President, underwritten order and approved transactions c/o WFHM, One Home Campus, Des Moines Iowa dba ATI TITLE (RELS) dba WFHM div Wells Fargo & Co/MN.
    Oversight Federal Reserve System over process OCC both never look at retail transactions Monkey See no evil, hear no evil, speak no evil – means they don’t speak the truth they conceal what is in the best interest of the benefactors of Federal Reserve private wealth members and Clearing House Members.
    MERS a required title exchange facilitating liquidity commerce demanded by US Treasury and Federal Reserve and authorized by former President Clinton 1996 forward. 1997 Freddie Mac equity partners with CLEARING HOUSE members demanded use of title exchange, cooperative collaborated how to benefit from nationwide network utilizing technology over CLOUD.

    RELS systems US Treasury & Federal Reserve Regulator need title exchange for electronic booking to match DTC over SEC UCC9 and MERS over UCC3 UCC1 domestic and international commerce demand liquidity and exchange between those who possess and endorse bearer paper.

    Federal Reserve Bank of New York remains the Secured Party over all cash exchanges and collateral.
    Freddie Mac with oversight over Depository Trust Companies (collateral) federal regulators over process must adhere to contractual arrangements through the Federal Reserve Systems.
    Federal Reserve dba Fannie Mae (AllRegs) for example.
    Fannie Mae vested oversight of Correspondent Lenders processes.
    Office of Comptroller oversight process of national banks and all affiliates includes Title Companies, Insurance Companies, Banks, general purpose business entities who are both bank-affiliates and non-bank affiliates and subsidiaries, etc.
    Who has nationwide oversight of the 50 States Insurance Commission?
    Is the loophole there is no one monitoring the impact of ‘nationwide’ network of title agents? IS there an OIG-Insurance?
    The grey area is where you need to focus being predatory lending. Remove get out of jail free card and allow enforcement of laws demanding full disclosure rather than concealment and let the nation heal. Meanwhile the title companies, the agents, dealers, distributors, brokers need to be held accountable but the OCC prevents enforcement of law. Both the President of the United States and Legislature look forward them to his departure and they to hiding what they let happen.
    Would there be a restraint of trade if only PASREO and RELS can get the business of the #1 Servicer and #1 Originator? Who ‘authorized’ RELS ? ATI? Should the title / escrow concealment continue? Should the risk of giving ‘Title Commitments’ inside a pipeline include benefitting from the deceptive and predatory acts which harmed the economy?
    Look closely where the harm lays with the nationwide network at closing table with borrower is what you should be mad about and do something about! The concealment the loan path the actual beneficiary is the root and crux of the matter not MERS!
    RELS (service mark) ? Nationwide network of agents who present ‘escrow closing’ for closings with qualified intermediaries. 1031 Exchanges OREXCo, IPXCo, First American Exchange Company before courts I mean their counsel is before courts representing WFHM institutional (strategic partners). This all Spanish too you? Not my fault.

    Egregious acts why? SECRET. Concealment. Attorneys don’t’ know what 1031 Exchange is. Attorneys don’t’ know what a Qualified Intermediary. If you are a participant you understand this exchange of information and are benefitting – get to keep the entire commitment fee – is that substantive payment for issuing ‘Good Title Commitment’ merely a letter that you check and the beneficiary of the equity title is recorded both in land records and MERS for life of the riders notes attached to the property, and the insurance – Lender’s Policy attached to Loan forward sold to REMIC the # affixed to the promissory note will again get good Title Commitment and reverse the Servicer taking Assignment as REO property back into the Retail pipeline and all of the proceeds of the sale (insurance payments) deposited into the trust accounts forever more of the ‘Banking Closing Agents’ who don’t have to return the proceeds of successful transactions resale at retail.

    1990’s residential Alt-A loans passed in pipeline c/o Bill Dallas and Litton FREDDIE MAC agreed all nonconforming loans would be automatically passed, note purchased in secret closings c/o qualified intermediaries is what it’s all about benefitting CLEARING HOUSE members who operating in collusion and collaboration.

    Look closely at your loan, notes, riders, and you’ll see the one with the Loan# and/or MIN# affixed you are a stranger to the preceding agreement, and are a stranger to the subsequent assignments of the riders – futures contracts, look back contracts, etc.

    The promissory note a lien placed against equity once the first lender receives the whole loan transfer following consumer escrow closing. Thereafter anyone may come before the court and claim they are in possession of a statement that claims they can exchange property for current default having placed Assignment as a Lis Pendens notice, and file documents with public offices and courts that are not executed with due diligence.
    The third party acts of concealment during default speak for themselves if you would just look at the documents and realize the parties on the documents are not the actual parties all dba and in place of another claiming they have rights. First right comes from general ledger, copy of the agreement, legal possession and endorsement.

    They had to know one day someone would reveal what they did and have new places to continue doing what they do.
    Another third party comes before court claiming rights to take property.
    Possession is 9/10ths of the law. You can reveal through accounting regulations frauds by concealment starting with demanding accurate business information. You can reveal ‘concealment’ looking at the initial documents and finding who is the individual ‘bank closing agent’ who is secret and has copies of all the documents.

    Look closely and concentrate attorneys who do foreclosure defense.
    The adjustable riders and futures contracts do not incorporate the ‘borrower’ only attach the property. The indenture remains an indenture.
    The lien becomes bad debt is all.

    The bad debt is resold in a controlled pipeline (private pipeline members only) who are rewarded for advancing escrows.
    The ‘advances’ are not awarded by WFBank Na rather the SERVICER of the default portfolio.
    The proceeds of cash which remains are kept by the law firms. Law firms attorneys supervise the process are in charge of the foreclosure processing current default balances only.
    Supervising bank closing attorney’s like Michael Ackerman can’t attest in deposition that they are under contract with. They’d have to reveal themselves! Yet claim ‘FOIA’ for themselves to protect their private intimate dealings, and file documents that may not be lawful, and that’s what SEE NO EVIL, HEAR NO EVIL, and SPEAK NO EVIAL IS ALL ABOUT. Affiliates OF NATIONAL BANKS, NOW ALL NATIONAL BANKING.
    THOSE WHO KEEP THE SECRETS RECEIVE SUBSTANTIVE REWARDS.
    PROCEEDS OF DEFAULTS HELD IN TRUST (REO LENDER –PREMIER ASSET SERVICES closing with ATI broker, an affiliate of national banking, insurance proceeds from which advances are made while the final appeals over consumer defaults. The remainder of the insurance proceeds is kept not returned. The agents, dealers, brokers, distributors will resell retail properties and settle up and what was listed on HUD will become something else after the fact! What more accounting and general ledger issues in every ‘escrow’ office of every affiliate whose ‘attorney’ receives treasury cash proceeds?
    During current defaults SUMMONS for Summary Judgment, any issues related to fraud are escalated to counsel responsible for collateral and GOOD TITLE to protect Qualified Intermediary and LENDER and supervising attorney over default debt replaced with counsel protecting ‘First American Exchange Company’ like Zucker Goldberg Ackerman LLC, counsel replaced with REED SMITH Counsel protecting US Bank NA ‘Indenture Trustee’ why? For the good reason of protecting SECRETS.
    These are a few of the good reasons First American Exchange Company in strategic partnership with RELS and during default in front of court protecting interests of owners of collateral (global certificates and owners of proceeds of insurance proceeds marked as proceeds of sale during taking of property through summary judgment.
    Supervising lawyers get documents through process and have no problem filing documents and wasting valuable court time, because of the ‘substantive rewards and indeed are benefactors whose deceptive acts include looking forward not back they are able to withhold and delay court and all will miss out on 7 years title companies have to keep accurate records available to IRS!

    Perform due diligence now and realize the ‘Assignment’ is fancy Lis Pendens notice of Lien seeking through the notice or (Assignment) right to resell at retail with GOOD TITLE.
    Before the court is merely the current default debt resold to local debt collector in servicer portfolio and the affiliate wears multiple hats rewarded as agents, brokers, dealers, distributors over all of the inter-and-intra transactions related to securing good title commitment and resolving advances of bad debt
    The local supervising lawyer’s agencies advance funds as vendor (servicer) and all monies due the general ledgers track the escrow, proceeds of insurance, and during multiple settlements will keep remaining funds!!!!!
    What’ CTSLink ? merely an Indenture Trustee limited view of the DTC and MERS electronic repository systems.
    CLEARING HOUSE members exchange between Depository Trust Company collateral and Indentures, SHELF companies, and the Indenture Trustees got everything to do SECRETS and good reason only national banks hold all of the bad debt during foreclosure and FDIC bails out each ‘national banks’ deceptive acts c/o their escrow, title and settlement nationwide network, RELS, MORNet, ALLR EGs, etc.
    Consumers must look back at the promissory notes and all attachments and read carefully to understand how concealment was upfront and the secret party not named on the futures contract adjustable rider, and secret party not named on the balloon note, and the REMIC name withheld but known before consumer signed promissory note are frauds by concealment. What will you do about that? Ignore these are general ledger accounting issues, means to evade paying taxes, and more?
    GLOBAL COMMERCE not at fault! Legislature at fault for they as a body do not possess 21st century skills of global finance and may not rule by committee anymore the few who are in the know about economic matters.
    We need a president who understands global finance. NOT a CORZINE!
    We are in trouble because Federal Reserve made sure they got into the presidency a Constitutional President who knows law and like every judge and attorney throughout the nation knows nothing about commerce, 1031 Exchanges, Qualified Intermediaries, proprietary technologies, service marks incorporating systems via RELS, MERS, ALLREGS, MORNet, etc.
    Look at the note. Pay attention do not let your eyeballs skip the small print we are naturally inclined to skip! Did you ask when you signed the rider was a FUTURES CONTRACT is? Did you ask who the secret party is? You signed and will continue to sign for IN GOD WE TRUST is written on the debt and you trust others because you don’t know!
    You were not doing business with a commercial bank.
    You are not safe when engaging in real estate transactions which involve ‘escrow closings’ and engage in business with those who are allowed to do business in any name other than the real parties involved.
    SECRETS! Collusion! Collaboration! Concealment! Contractual arrangements to get and give good title are all MONKEY BUSINESS About. Take ‘k’ out of mon’k’ey you get MONEY. FOLLOW THE MONEY.
    CIVIL FRAUDS BY CONCEALMENT and General Ledger acts ONE BY ONE keep in civil court ! Reveal what they did to you!
    If you know your loan was forward sold to a REMIC, and escrow closing hiding secret closings allowed local retail predatory acts to harm you, then you have good case for damages in civil court against not MERS but against the Qualified Intermediaries affiliates of the origination document recorded in land records their affiliates!
    ‘IN GOD WE TRUST’ means a lot! You are to be safe from unlawful seizures so do something the Fourth Amendment and invoke your rights of due process.
    The FRB & FDIC exchange cash all the time. The collateral rules demand exchanges keep accurate electronic book entry of general ledger transactions inside “DTC” and “MERS”. Federal Reserve and Freddie and Fannie taking MERS private! Better get your information now from the one with the evidence, the bank closing agents and the affiliates of the LENDER’s escrow agents, dealers, brokers, distributors.
    Qualified Intermediaries should not be allowed to continue to close secretly.
    DOES OIG-HUD knows about process or not? Are there substantive fees kickbacks, stipends in violation of RESPA, or TILA as undisclosed ‘off balance sheet’ notated as p.c. transactions? Did they too look the other way?
    DOES OIG-FRB and OIG-SEC, know about Qualified Intermediaries. Is there an OIG-Insurance? Do they know how well MERS facilities all assets US Dollar value be converted to liquid form acceptable to DTC. Both exchanges track assets in liquid form and both are electronic registries where ‘beneficiary’ is owner with equity title acceptable under UCC3, UCC9, UCC1, etc. Yes.
    Why don’t we know who the real strategic partners of Premier Asset Services dba WFHM, and Americas Servicing Company (not just fictitious name of Norwest Mortgage, Inc.) incorporates GMAC-RFC and CMMC and…. dba ‘WFHM’ and any affiliates may replace their own name if an affiliate of one of the CLEARING HOUSE members…. Why is there not a PREMIER ASSET SERVICES in Maryland registered with Secretary of State as required ? They must be a fictitious name of a strategic venture called ‘Americas Servicing Company.
    Norwest’s affiliates are the largest producers of non-conforming products 1995 forward include GMAC-RFC, CMMC, GMAC Mortgage – DJL Mortgage Capital, and by 1998 what’s MERS, MORNet, ALLREGS, RELS, ATI Title, got to do with it? Everything.
    ENRAGED DON’T BE MADE AT ME FOR RESEARCHING AND SHARING.

  4. WHAT DOES DISCIPLINE MEAN?
    THE ‘JUDGE’ WHO BEAT HIS DAUGHTER 17 FOLDED THICK BELT LASHINGS THAT BRUSIED HER FOR ‘DOWNLOADING MUSIC! THAT KIND OF DISCIPLINE?

  5. @ All of you,

    Things are definitely looking up. It just dawned on me when I checked my mail that, a couple of years ago, when I first stumbled upon this site, Neil was maybe posting one article a day. Sometimes, the same one stayed a few days before being replaced by other news.

    Now, he posts up to 5 or 6 a day!!! Just on the subject of foreclosure/securitization/banks. That tells me that it is on the forefront. Impossible not to win under those circumstances. Hang tight, stop paying your mortgage, regardless whether you are underwater or not (can’t pay if you don’t know you’re paying the right person), close you bank account and have a party with your neighbors. The way I see it, neighborhood is where it will all get fixed.

    Things are looking up!!!

  6. Now maybe they can go after the blatant naked shorting and the HFT ?? I won’t be holding my breath…

  7. for once, I’d like to know ‘who’ did what to whom.
    We finally have names of judges standing up to the SEC when they deal with corporate banks on Wall Street.

    Which by the way the attorneys for Citibank handled that SEC ruling, a group of them probably got the OCC in the same position…won’t admit wrongdoing but will pay a little bit of what they took away from the homeowners.

    SEC disciplined employees?
    SEC is a business name…who disciplined who?

    @enraged
    I answered a question in the post here at:
    /2011/11/11/adam-levitin-housing-market-is-too-big-to-fail/#comment-104357

    I saw that FL MERs class action lawsuit document.

    scribd.com/doc/72394776/FL-Mers-Complaint

    I noticed the Clerk of the Court, a sovereign, filed the compliant, with Class Representation, on behalf of all those similarly situated.

    He indicates his status and standing to do so by having this in the lawsuit.
    Plaintiff, Jim Fuller, the Clerk of the Circuit Court, Duval County, in his official capacity.

    What’s interesting about this lawsuit is a ‘sovereign’ in his official capacity is suing a corporation.

    Since unequal things cannot be joined together. A Maxim.
    Real vs legal fiction
    There is a law firm representing Jim Fuller in his official capacity, just like there will be a law firm representing MERS.

    They demand a jury trial. One is tried by a jury of their peers.

    Hopefully you can see what I’m trying to show you by stating that.
    The Plaintiff by his representation, and the Defendant by his representation will be tried by a jury of their peers.

    You know the jury is not a bunch of lawyers.

    So what else is common for the jury to be peers?

    Corporations.

    A corporation is a person. May court decisions including Supreme Court decisions state that as a fact.

    So a group of corporations (I mean persons) will sit on a jury to hear this case of a harm, injury, or loss of a right.

    This shall be interesting.

    The fact the Plaintiff filed the suit indicates the Plaintiff is claiming some harm, injury, or ‘loss of a right’.

    The words in my signature indicating my status and standing are defined in Black’s Law 5th edition.

    The status and standing terms were chosen for their ‘specific’ meaning in this world of contracts

    Trespass Unwanted, corporeal, life, free, allodial, jure divino, in jure proprio

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