Kanjorski demands update from SEC on Madoff investigation

Rep. Paul Kanjorski (D-Pa.), a leading Democrat on the House Financial Services Committee, is calling for an immediate update on the government’s investigation into the $65 billion fraud committed by Bernard Madoff.

Kanjorski said on Monday that the inspector general of the Securities and Exchange Commission, David Kotz, has provided only a one-page summary of the investigation in the more than five months since Kotz testified before the House committee. The inspector general’s office began looking into the fraud six months ago.

“The only information that your office has made public during these timeframes is a one-page summary of your Madoff investigations, as found in your most recent semiannual report to Congress for the period ending on March 31,” Kanjorski wrote in a letter on Monday. “While this brief discussion provided some helpful insights, I found it an inadequate response to my earlier requests and your prior public commitments.”

–Silla Brush