Madoff Boasted About "Very Close" Relationship With SEC

What’s that old saying about truth in jest?

NY Post: Madoff, during a meeting last year, boasted of having a “very close” relationship” with SEC brass, cracking, “In fact, my niece even married one.”

…Eric Swanson, who married Shana [Madoff’s niece and compliance officer at his firm] last year, until 2006 was a top official at the Securities and Exchange Commission, the federal agency that is supposed to keep financial firms under scrutiny.

SEC Chairman Christopher Cox has ordered a review of the handling of Madoff’s firm, and whether Swanson’s relationship to Shana affected what the SEC did. Yesterday, Cox said the agency “thus far” has uncovered no wrongdoing by personnel.

 

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