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POGO: “Reports the SEC Doesn’t Want You to See”

Posted by Larry Doyle on January 24, 2011 10:52 PM |

The Project on Government Oversight has become the financial regulatory eyes and ears for our nation. While one would think Congress might care to thoroughly investigate government agencies and hold them to account, our recent history has shown us that the Congressional oversight is severely lacking. Enter POGO. What has POGO provided us now?

By utilizing the Freedom of Information Act, POGO has provided a huge window of transparency into the SEC. Why should POGO have to perform these acts? Where is the Congressional oversight? Heck, where is the SEC chair Mary Schapiro?

I strongly encourage readers to save this commentary as POGO provides links to a wealth of amazing stories and investigations. THANK YOU POGO for performing a national public service in opening the windows into the SEC.

POGO writes, These Are the Investigative Reports the SEC Doesn’t Want You to See,

Previously unpublished investigative reports exposing a wide range of serious misconduct at the Securities and Exchange Commission (SEC) are now available on the Project On Government Oversight’s (POGO) website.

A full twenty reports produced over the last three years and not previously released on the SEC’s or SEC/OIG (Office of Inspector General) websites are linked here. These reports address insider trading, perjury, breach of ethics, misuse of resources, and so much more. Little wonder the SEC accomplished so little during this period.

POGO obtained many of the investigative reports by the SEC Office of Inspector General (OIG) through the Freedom of Information Act (FOIA) and from other sources. While some investigations were previously reported by the media and congressional offices, most are nowhere to be found on the websites of the SEC or OIG.

The previously unposted reports include investigations into retaliation against SEC whistleblowers, the agency’s failure to vigorously regulate Bear Stearns, conflicts of interest, and insider trading by SEC employees. POGO previously raised concerns about the SEC ignoring recommendations made in the OIG’s reports.

“The public has a great interest in knowing what is in these reports,” said Michael Smallberg, a POGO investigator who compiled the database. “The SEC should hold itself accountable and that means embracing transparency even when it might embarrass or bring negative attention to you.” (LD’s edit to embolden)

More information on the SEC OIG’s investigative reports can be found on POGO’s blog: Unposted Inspector General Reports Showcase SEC Misconduct, January 20, 2010

Founded in 1981, the Project On Government Oversight (POGO) is a nonpartisan independent watchdog that champions good government reforms. POGO’s investigations into corruption, misconduct, and conflicts of interest achieve a more effective, accountable, open, and ethical federal government

POGO rocks!!

How do we spell the pursuit of truth, transparency, and integrity?


Larry Doyle

Please subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.

I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own and not those of Greenwich Investment Management. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • Mark J. Novitsky

    My name is Mark J. Novitsky and tragically I have been an SEC / National Security whistleblower for years…since Chris Cox. And with Schapiro and Khuzami I knew things would remain the same…but didn’t imagine things would get get WORSE! My Congressman, Keith Ellison sits on the House Financial Services Committee and has DIRECT & intimate knowledge of fraud, deceit, and criminal complicity and cover-ups at the SEC. Yet outside of talking has failed to act. Which in itself is a crime as a “public servant” having knowledge of a felony and refusing to take action is a crime itself. Last week I tried to get him in public to sign a pledge to assure his constituents he would fully and independently investigate financial crimes…even when the “regulators” are co-conspirators…he refused to sign. What does that tell you? (FYI… SEC/CEO “hotline” to stop or stall investigations)

  • sheri bedford

    I need to know how to get help. The S. E. not acting on behalf of investors. For 16 months, the Securities and Exchange Commission has held on to investor money from their New Day Atlanta investigation. They froze all assets of the company and have not arrested either Andy Avery or Lee Marks who they say committed a fraud.

    Of the $3.2 million New Day Atlanta got from investors, my investment ($490,000) made up a significant per centage. It was my entire retirement nest egg.

    The sec has sold off asssets of New Day Atlanta but has not released Any money to investors.

    What am I supposed to live on?? It isn’t right that se is paying its own staff lawyers with Our(Investor) money.

    Who do I appeal to? Who oversees the Sec?

    Please advise.
    Thank you

    • LD


      I would pursue this situation with your local state office of the North American Securities Administrators Association

      I did look on the website to which I link and see the following info for the state of Georgia,

      Office of the Secretary of State
      Division of Business Services
      and Regulation
      Two Martin Luther King, Jr. Drive SE
      802 West Tower
      Atlanta, GA 30334
      Vincent Russo
      Interim Assistant Securities Commissioner
      (404) 656-3920
      (404) 657-8410 (Fax)

      You may want to review that site to see if you can unearth other pertinent info on this case.

      I did find this info from the SEC’s site on the case,

      I hope this helps. Please let us know what you learn.

      I point you in the direction of the NASAA simply based upon the experience that others have shared here at my site.

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