RSS Feed
Twitter
Facebook
Email
HomeSEC Complaint vs. Frank DiPascali, Jr
Posted by Larry Doyle on August 13th, 2009 3:23 PM |
I just reviewed the complaint filed by the SEC as plaintiff against Madoff CFO Frank DiPascali Jr. as defendant. For anybody interested in the dynamics of our markets and regulatory system, this 31 page document is a must read:
Securities and Exchange Commission, Plaintiff versus Frank DiPascali, Jr. Defendant.
Many highlights, but to me the following jump out:
1. DiPascali was a college dropout who rose to become CFO of a supposed major financial money manager. Come on. Any legitimate feeder fund and any legitimate regulator should have immediately questioned the credibility and qualifications of this individual rising to that position.
2. Madoff did not officially become a registered investment adviser until 2006. To that point, his entire business would have been regulated by the SEC and NASD. Why does the regulatory arm of NASD, the parent organization of FINRA, seem to get a pass in this scandal? (more…)
