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Today we learned that an SEC whistleblower recently came forward to Congress with compelling evidence that the Commission over the past two decades has been systematically destroying records of its Division of Enforcement’s preliminary investigations once they are closed. Records related to past inquiries into insider trading, fraud and market manipulation against companies like Goldman Sachs, Deutsche Bank and AIG have disappeared from history.
While that tip-of-the-iceberg revelation may be upsetting, those of us who are familiar with SEC internal record policies have long known that far more information regarding investment crimes has been systematically withheld by the SEC from the public.
In 2000 I wrote an article entitled, “No Freedom of Information When It Comes to Money Managers” which addressed an issue that had bothered me since I began my career as a young staff attorney with the Securities and Exchange Commission. That is, while the SEC through its routine examinations of securities dealers and money managers and special investigations has over the decades accumulated a treasure trove of information regarding industry wrongdoing, the Commission has consistently and vigorously resisted making this damning information available to investors. read more
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