Retired New York fabrics distributor, Allan Goldstein, was among the thousands of investors who trusted Wall Street figure Bernard Madoff with their money while counting on SEC to protect the investing public from fraud.
However, today, Goldstein is just 2 months away from being broke. Goldstein testified that “everything I worked for over a 50-year career is gone.” He was among the witnesses as the House Financial Services Committee looked into why the SEC failed to uncover what may be a swindle amounting to $50 billion!
Red flags were raised to the Securities and Exchange Commission over a decade but weren’t pursued, and Republican and Democratic House members said that reflected deep, systemic problems at the market watchdog agency.
You can read more about this article here.
Perhaps the FBI should recruit more agents to catch financial scam artists like Bernard Madoff eh?
The Editor
Tags: bernard madoff, fraud, Goldstein, ponzi, SEC
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