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SEC eyes private sector to help uncover fraud
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(April 1, 2009 - Wednesday) - http://www.reuters.com/article/bondsNews/idUSBNG49516720090401
April 1 (Reuters) - Mary Schapiro, the new chairman of the U.S. Securities and Exchange Commission (SEC), is looking to enlist private sector help in uncovering fraud, the Financial Times reported.
According to an interview posted on the paper's website, Schapiro said the SEC was exploring new approaches to enforcement, particularly in the oversight of investment advisors.
"We need to find some ways to increase staffing but beyond that, leveraging third parties without abdicating our responsibility," Schapiro told the paper.
Beyond ramping up staffing at the agency, Schapiro said that using third parties such as auditors, who can do compliance reviews, is one way of employing outside help.
Schapiro, whose agency came under harsh criticism for not uncovering Bernie Madoff's $65 billion investment fraud, has set an aggressive agenda to rebuild the SEC's credibility by strengthening rules for money market funds and investment advisers, as well as giving shareholders more rights. (Reporting by Vikram S Subhedar in Bangalore; editing by Simon Jessop)
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