A scapegoat at the SEC?
The New York Post has run a few pieces on Meaghan Cheung, who was the branch chief of the New York office's enforcement division. In January 2006, the New York branch of the SEC opened an enforcement case on Madoff based on Markopolos' claims. The SEC--laughably in hindsight--found no evidence of fraud.
But is Cheung, personally to blame? It really depends on the nature of her job. She tells the Post she was merely a mid-level manager, suggesting that she was not the hands-on point person. In any case, the 37-year-old was noted by whistleblower Harry Markopolos as the person who failed to detect the scam despite his warnings. All in all, Cheung doesn't do herself any favors with statements like this to the Post: "If someone provides you with the wrong set of books, I don't know how you find the real books." Cheung stepped down before the scandal came to light to be with her children.
For more:
- here's the initial Post article
- here's the follow up
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