Four GOP members of the House Financial Services Committee are demanding that Security and Exchange Commission Chair Mary Shapiro answer conflict of interest questions involving SEC General Counsel David Becker. It was recently revealed that Becker and his brother inherited a $2 million account from the firm of Bernard Madoff, The Washington Post reported
Among the questions posed by the congressmen including committee Chair Spencer Bachus, R-Ala., are whether Becker informed the SEC about the inheritance, whether he recused himself from matters involving Madoff and his multi-billion dollar Ponzi scheme, and whether he told the agency’s ethics office about the money.
The SEC’s John Nester said Becker did bring it up when he rejoined the agency in 2009 and "sought advice from the Ethics office, and was advised that the liquidated account was not a basis for disqualification from participation in certain Madoff-related matters," the Post said.
Becker is currently being sued by the trustee attempting to recover funds for Madoff investors.
The brothers cashed out the inherited account in 2005, receiving more than the family had deposited, making them “net winners.” The trustee is seeking more than $1.5 million from the Beckers, the Post said.
© 2017 Newsmax Finance. All rights reserved.