Accord Reached Over SEC Firing

[laserhaas]

Source: Wall Street Journal

WASHINGTON—The Securities and Exchange Commission agreed to pay $580,000 to a former employee who said the SEC retaliated against him for reporting wrongdoing at the agency.

David Weber, a former supervisor in the SEC's internal watchdog office, sued the agency for $40 million in damages last fall after he was fired for carrying a handgun on a work trip, according to his lawsuit, which is resolved by the settlement. The agency earlier had placed him on leave because some employees said they felt physically threatened by him, according to a report by the Inspector General for the U.S. Postal Service, which was requested by the SEC.
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Among Mr. Weber's allegations in the suit were that the SEC's former inspector general, David Kotz, had personal relationships that may have tainted his investigations into the Ponzi schemes run by R. Allen Stanford and Bernard L. Madoff.

Read more: http://online.wsj.com/article/SB10001424127887323949904578536001278977258.html?mod=WSJ_hp_LEFTWhatsNewsCollection

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For the best background on this story - please read

Rolling Stone - Matt Taibbi's story

SEC ROCKED By LURID SEX-and-CORRUPTION LAWSUIT

Taibbi stated;

Move over, adulterous generals. It might be time to make way for a new sexual rats'nest – at America's top financial police agency, the SEC.

In a salacious 77-page complaint that reads like Penthouse Forum meets The Insider meets the Keystone Kops, one David Weber, the former chief investigator for the SEC Inspector General's office, accuses the SEC of retaliating against Weber for coming forward as a whistleblower. According to this lawsuit, Weber was made a target of intramural intrigues at the agency (which has a history of such retaliation) after he came forward with concerns that his bosses may have been spending more time copulating than they were investigating the SEC.


Weber vs. the SEC: The Full Complaint

Weber claims that in recent years, while the SEC Inspector General's office has been attempting to investigate the agency's seemingly-negligent responses in such matters as the Bernie Madoff case and the less-well-known (but nearly as disturbing) Stanford Financial Ponzi scandal, two of the IG office's senior officials – former Inspector General David Kotz and his successor, Noelle Maloney – were sleeping together.

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David Weber has turned down the SEC's offer to let him come back.

Here's the link to David Weber's Original lawsuit against the SEC ( HERE ).
Reads like a "Peyton Place" soap opera....


------------- Mr. Weber now seeks to champion the cause of good cases against the "dark side" in Washington!

[br]KUDOs to you David Weber[br] - wish we had more like you serving our country!

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[fasttense]

1. Time for Obama and Holder to prosecute David Weber

Can't have any whistle blowers going around free in the US.

[laserhaas]

3. LOL - You CRACK me UP - fasttense

That's hillarious.......

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2. Larry Boyle's "SenseOnCents.com" Blog has some more candid insights

Boyle points out that David Weber said former SEC Chairwoman Schapiro was a "Liar" in his Blog remarks titled;

Sex, Lies, Stupidity, Oh My: SEC Whistleblower David Weber Vindicated, Receives Huge Settlement

Saving some venom for Ms. Schapiro as well, Weber paints her as a “LIAR” for perjuring herself during a presentation before the House and Senate Oversight Committee regarding the SEC’s bungled attempt to move to new office quarters. Weber would not be the first to label Ms. Schapiro with the big L. Recall that Attorney Richard Greenfield did just the same in the case brought on behalf of Standard Chartered v FINRA, Mary Schapiro et al.

[laserhaas]

4. Here's a story on Naked Capitalism that points out SEC Mary Jo is doing bad things -don't cha know

Yep, the new SEC Chairwoman and her cronies are already stacking up a pile of manure pies of B.S.

The Naked Capitalism story "Mary Jo White Institutionalizes Deutsche Bank Protection Racket at the SEC" details the fact of what we've been saying all along. The SEC is the "Selective Enforcement Commission".