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Markets / Your Money; Audit Finds SEC May Give Waivers Too Easily
[Home Edition]
Los Angeles Times - Los Angeles, Calif.
Date: Jun 21, 2001
Start Page: C.4
Section: Business; Financial Desk
Abstract (Document Summary)

SEC Inspector General Walter Stachnik said the SEC is having a "significant problem" controlling its granting of waivers of legal judgments that order defendants to return ill-gotten gains.

SEC management said it agreed with Stachnik's findings and is "taking actions to improve the disgorgement waiver process." The agency has issued written procedures for granting waivers, hired a firm to improve SEC databases dealing with disgorgements and hired a contractor to recommend new procedures, the SEC staff said in its 14- page response.

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