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Madoff scandal pushing investigators?
February 12, 2009 — 10:09am ET | By Jim Kim
The effect of the Madoff scandal--and the whistle blowing work of Harry Markopolis--already seems to be having an effect on regulators. Bloomberg reports that the Stanford Group Co., an investment firm led by R. Allen Stanford, is under investigation. FINRA has sent enforcement staff to six offices and taken lots of information.
One tip of may have been the bank's own promotional material, which touted the bank's stated returns, between 10.3 and 15.1 percent every year from 1995 until last year. There are definitely shades of Madoff. One lesson in all this is that super-steady returns like that ought to be immediately suspect. Thus far, no one is accused of anything.
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S.E.C. Report Details Lapses i
