SEC Attorney Sued For Illicit Profits Rejoins Old Firm
Former general counsel for the Securities and Exchange Commission (SEC), David Becker, who left prior to being sued over inherited profits from the Madoff Ponzi scheme, has rejoined his old law firm, according to an article by Bloomberg. He will rejoin Cleary Gottlieb Steen & Hamilton LLP in Washington, DC after a two year stint with the SEC to work in securities enforcement, corporate guidance, internal investigations and financial regulation. Becker had faced intense scrutiny after being sued by the bankruptcy trustee charged with unwinding Bernard Madoff’s business, Irving Picard. The lawsuit demanded that Becker and his brothers give back the $1.5 million in “fictitious” profits realized from liquidating their mother’s account three years before the Ponzi scheme surfaced.
The SEC and others had questioned why Becker was allowed to work on matters involving the Madoff Ponzi scheme, since he had personal ties to the case. It was reported that the SEC’s ethics office had cleared Becker to work on the matter and that his departure from the SEC was unrelated to the trustee’s lawsuit.
Bernard Madoff is serving a 150 year sentence in federal prison after pleading guilty in 2009 to charges related to the decades long Ponzi scheme.