Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is
an independent agency of the United States government which
holds primary responsibility for enforcing the federal
securities laws and regulating the securities industry,
the nation`s stock and options exchanges, and other
electronic securities markets. The SEC was created by
section 4 of the Securities Exchange Act of 1934.
In a U.S. House Financial Services subcommittee
hearing, Harry Markopolos, a former financial executive
said that securities regulators had ignored his
repeated pleas for a thorough investigation of the
accused swindler`s alleged $50 billion fraud.
Bernard L. Madoff Investment Securities LLC
up until 2004 the net capital rule required that broker dealers limit their
debt-to-net capital ratio to 12-to-1.
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