• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Crime / Courts / Grassley has evidence of wrongdoing at Securities and Exchange Commission

Grassley has evidence of wrongdoing at Securities and Exchange Commission

August 18, 2011 By Matt Kelley

Iowa Senator Chuck Grassley is calling for an investigation into allegations of illegal and widespread file-shredding at a federal agency that’s supposed to protect the nation’s investors from fraud. Grassley says he was contacted directly by a whistleblower and given a series of documents to back up the accusations.

“An enforcement lawyer at the agency alleges that the Securities and Exchange Commission destroyed at least 9,000 files between the years of 1993 through 2010,” Grassley says. “These files pertain to initial inquiries into possible wrongdoing on Wall Street.” Grassley says the informant was told the files were being shredded as part of routine internal policy, but claims that’s not the case.

“He says the destruction was illegal, in violation of the laws that federal agencies must keep federal records,” Grassley says. “He also says the document shredding might have compromised enforcement cases against some of the biggest names in investing, including Bernie Madoff and a lot of big banks.”

Madoff, a former stock broker, is serving a 150-year sentence for what’s described as the largest-ever Ponzi scheme which bilked investors of perhaps 65-Billion dollars. Grassley, a Republican, says anyone with a retirement account or a home mortgage likely has ties to Wall Street and should be concerned about these new allegations involving the SEC. He says the case is “troubling.”

“It doesn’t make sense that an agency responsible for investigation would want to get rid of potential evidence,” Grassley says. “If these charges by the whistleblower are true, the agency needs to explain why it destroyed the documents, how many documents it destroyed over what time frame, and to what extent its actions were consistent with the law.”

Grassley’s calling on the chairman of the SEC to provide a full accounting of the agency’s actions.

Share this:

  • Facebook
  • Twitter

Filed Under: Crime / Courts, Politics / Govt Tagged With: Chuck Grassley, Republican Party

Featured Stories

Governor signs child care expansion into law

Iowa seniors have until July 1 to apply for new property tax break

Smoke from distant fires creates colorful sunrise in Iowa

DOT’s Motor Vehicle Enforcement Division to merge into State Patrol

Iowa’s governor approves liability limits for trucking industry

TwitterFacebook
Tweets by RadioIowa

Radio Iowa/Baseball Coaches Association High School Poll 6/5/23

Iowa eliminated at NCAA regional

Iowa names Beth Goetz interim AD

Cyclone Trio Invited to USA Basketball U19 Training Camp

Cameron Young to compete at the John Deere Classic

More Sports

Archives

Copyright © 2023 ยท Learfield News & Ag, LLC