BANZAI7 NEWS--The trustee pursuing Bernard Madoff's assets sued four more relatives of the Ponzi scheme architect Friday in a legal battle to recover at least $199 million on behalf of thousands of burned investors.
While not accusing them of knowing participation in the scam, the lawsuit charged that they "were completely derelict" in carrying out the compliance and supervisory responsibilities required by their jobs at the Madoff firm.
WB7: This sounds like a good theory for suing the morons at FINRA and the SEC. Mary Shapiro, the Chairwoman of the SEC, who was in charge of FINRA at the time, would be a good candidate. While not accusing Shapiro of knowing participation in the scam, the lawsuit could charge that she "was completely derelict" in executing the compliance and supervisory responsibilities of FINRA as they pertained to the Madoff firm.
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