Yes, SEC indeed has some questions to answer for negligence and it is high time governments start being mindful of people they employ to take of public regulatory agencies whether they appoint them on qualification or mainly based on political bases.

“Perhaps the defrauded investors will sue the SEC for negligence.”

Kind of like suing the very police department that protects you.
I remember back several years ago that I was very proud of the SEC…every week another business crook was going to jail and I thought, hey now we have a President that is doing something for the people. Of course, his focus turned into war overseas, torturing prisoners, by passing the laws of the U.S. with international lawyers encouragement and kidnapping people out of their perspective countries to take them to Egypt where torture was perfectly legal, and for goodness sakes, having scientist invent stuff like amphrax. Well, well, well. I thought for a while that the good guys were in charge for a change.
Point is: The SEC will do their job if the politicians let them..this has been proven. The best law that could ever be pass will never be and that is: No public servant will have any business dealing with the private sector. That means, no stocks, no corporate bonds, and no corporate job after leaving a high office.

What about the apparent meeting which took place in a Washington basement in 2004 between the investment banks and US government agencies, in which the banks (including apparently Goldman Sachs) were given permission to spend their rainy day reserves?
So it seems Moses’ advice to Pharaoh was ignored and the granaries for the seven bad years were emptied.

yea - and we are the victims of the millenium bank scam with supposedly safe cd’s! dealing with the same govt mess -
here is letter i wrote to chris dodd re ; sec negligence.
deb
September 13, 2009

U.S. Senator Chris Dodd
448 Russell Building | Washington D.C., 20510

Dear Senator Chris Dodd,

Thank you for creating, and structuring the recent September 10 Senate committee meeting, analyzing the facts of gross SEC negligence.

You asked a most pertinent question to the SEC beyond the Madoff tragedy, “How many more Ponzi schemes are out there?”

WE are victims of continued SEC negligence. We are the victims of the recently revealed March of this year, Millennium Bank, UT of S, $100 million dollar Ponzi scheme.

We are hard working American, tax paying citizens. We are retired, middle age, and handicapped. We are undergoing chemotherapy, unable to afford funerals for our dying children. We are parents who saved and watched our children’s education stolen and incinerated. We have buried our parents, and struggle to feed our families. Some of us are immigrants from other countries who pioneered here to live in the land of the free, and pursue the American dream, only to be held hostage in this never ending SEC nightmare. We are veterans who have put our life on the line for our country, and now we need our country to put themselves on the line for us.

YOU are the elected representatives who have the power to make this tragic SEC wrong, right.

Our Ponzi scheme was permitted to function for 10 years in this great country. Organized and licensed by people we now know were convicted criminals of financial crimes 10 years ago. Legally documented as having to pay government fines up to $800,000.00 per individual, for their financial fraud. Yet, the SEC did nothing to stop these previously convicted financial criminals from continuing financial crimes, which destroy our strong country, and the American families who contribute to keep this nation great.

Functioning in this United States of America in an office out of NAPA Valley, California, with checks signed from American Banks WAMU, and Wells Fargo.

William Wise, and other named criminals of this evil Ponzi orchestration, now seven months later, shockingly remain walking free, as you read this letter. United States criminals are now allowed to escape to Canada? Permitted to continue spending OUR money on high priced lawyers, and a comfortable life style, while the victims struggle to survive?

Mr. Dodd, you have clearly identified the SEC negligence is indisputable. The SEC needs tough regulation, as they have proven they are incompetent or uninterested in regulating themselves for the job entrusted by the people they are supposedly committed to safely serve.

We also know we are in desperate need for tougher laws to make it quicker, easier, and more efficient to crush this new type of ravenous white collar crime weakening the fabric of our country. If we were given ANY red warning flag by the SEC that this United States based banking office in California was not legitimate, NONE of us would ever be in this tragic situation today.

You also asked, “What do we do to help all these victims?”

We are suffering to survive. We need help now. We have had our life savings stolen, as the result of an SEC that should NEVER have allowed this catastrophe in our country to take place to begin with, had they done their job.

In the process of your revealing this deep disease of SEC corruption, incompetence, and negligence, and creating new laws to persecute white collar crime expeditiously, we ask for some type of temporary relief.

Criminals such as these can no longer be allowed to escape for over half a year from justice. Criminals allowed to continue inflicting unnecessary hardship on American citizens?

The SIPC allows temporary relief for victims of stock crime. We desperately need to have you create a relief fund, like the SIPC, for victims of non-regulated Ponzi scheme Crimes, which would include supposedly safe CD’s such as ours.

Our country was built on strong values, and respect for all people no matter age, race, or color. The exposure of the SEC negligence has ruined American lives, contributed to our debt, bankrupted families life savings, and destroyed American hope.

We have worked honestly, paid taxes; sweat hard for every cent we saved. Stolen, raped, by a Ponzi corporation, given legitimate license to function in our country with permission by the SEC. We now know the SEC never took action to stop convicted criminals fined ten years ago!

We appreciate and respect your mission to investigate, and stop this SEC negligence ruining lives.

We need immediate change. Temporary, financial help during this transition, while you work to stop this gross negligence.

What could be more upside down than this?

Victims being forced to hurdle the bomb field of the Second Ponzi scheme. The one with the SEC and the appointed receiver; Mr. Richard Roper.

Name one crime against a United States citizen where the victims pays the bill for the investigation of the crime committed against them? Do rape victims pay the police to find the predator? Do robbery victims pay the government to investigate finding the robber? Then WHY do the VICTIMS of these Ponzi schemes PAY the APPOINTED RECEIVER to do his investigation of the crime?

Example – the Stanford receiver took 20 Million dollars of the victims’ money for a mere 3 months of his legal work. Did he inflate his bill as the victim’s money was found? Don’t the victims deserve 100% of whatever amount of their money is located from the criminals who stole the money from them?

We fear the Millennium Bank receiver, Richard Roper, will do the same as the Stanford receiver. We fear our money will be located by the FBI, and then kept by the receiver. We fear our laws are not for the righteous, but the unjust.

Criminals live comfortably free, while we as the victims are prisoners in this hellish life of daily death?

Is this the America we want to build? Is this the way we reward hard working tax paying Americans, who are simply trying to do the best for their families with the finances they honestly earned? Is this the America we want, who encourages white collar criminals to escape free for months on end without penalty?

We are the victims of the Millennium Bank, UT of S, Ponzi.

YOU are the only voice we have for justice. YOU are the elected officials who can make change happen. YOU have the authority to help us victims with an emergency relief fund.

You are our hope to rebuild what was once the greatest country in the world. We want to be proud Americans again.

We are hundreds of American citizens, all anxious to provide any, and all factual information you need, to make this positive change happen now.

Please help.

Victims of SEC negligence; Millennium Bank, UT of S.

Deb Scott
Massachusetts

deborah.a.scott@comcast.net