Suit Says Top SEC Attorney Profited From Ponzi Scheme

The departing chief attorney at the U.S. Securities and Exchange Commission (SEC), David M. Becker, has been sued for the return of $1.5 million profits made from investments by the bankruptcy trustee, Irving Picard, as reported by Bloomberg. The $1.5 million represents the amount of fictitious profits earned.

Mr. Becker and his brothers inherited the money when their mother passed away in 2004. They have claimed that they had no knowledge of any facts surrounding the investment, when the account was opened, what was invested or when it was liquidated. It is reported that the filing of this lawsuit had nothing to do with his leaving the SEC, since his departure had been previously announced.

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