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House issues subpoena in Madoff probe

March 16, 2011 at 2:12 PM   |   Comments

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WASHINGTON, March 16 (UPI) -- The House of Representatives Wednesday subpoenaed the trustee for Bernard Madoff's assets over another official's possible conflict of interest.

Rep. Darrell Issa, R-Calif., chairman of the Oversight and Investigations Committee, ordered Madoff trustee Irving Picard to turn over all "all documents" on the account David Becker's family had with the convicted swindler's firm, Politico reported. Becker is former general counsel to the Securities Exchange Commission, which failed to catch Madoff's Ponzi scheme for years.

The committee is investigating how long Becker's family was involved with Madoff.

Issa also is investigating Becker's role in determining the payouts to Madoff victims and is seeking all kinds of communication between the SEC and Picard.

"Victims of the Madoff swindle rightly feel cheated by the SEC's ineptitude. The decision to allow David Becker to work on the Madoff case, despite family earnings from a Madoff account, necessitates answers," Issa said in a statement. "This subpoena should shed light on the nature of Becker's financial conflict of interest."

Current SEC Chairwoman Mary Schapiro, appearing before the committee last week, said she should have handled the case differently.

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