Mary Schapiro, Barack Obama's choice to lead the Securities and Exchange Commission (SEC), previously appointed one of Bernard Madoff's sons to a regulatory body that oversees American securities firms. It has emerged that in 2001, Schapiro, currently chief executive of the Financial Industry Regulatory Authority (Finra), employed Mark Madoff to serve on the board of the National Adjudicatory Council — the division that reviews disciplinary decisions made by Finra. Recently, Mark Madoff, with his brother, Andrew, were understood to have approached the authorities after their father apparently confessed to orchestrating a $50 billion securities fraud. Madoff is under house arrest in his $7 million Manhattan apartment and will be electronically tagged after he failed to secure further signatories to guarantee his $10 million bail.
Related:
The Forward: "Madoff on the Couch"
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