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Can the Office of the Inspector General Be Trusted to Perform its Mandated Duties and Hold the SEC Accountable?

By       Message Robert Lightworker       (Page 1 of 2 pages)     Permalink    (# of views)   3 comments

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The involvement of the Securities and Exchange Commission (SEC) in political cronyism and crony capitalism and its conduct of covering up for its indisputable gross negligence and seeming criminal complicity (hereinafter collectively referred to as "business as usual") is irrefutable.

Read my article on OpEdNews, "The SEC Learned Nothing from Madoff -- Check Out CMKM Diamonds, Inc., for Proof," Matt Taibbi's articles, and the infra evidence I present in this article to confirm the SEC's business as usual.

Unfortunately for the public in general and the shareholders of CMKM Diamonds, Inc., (CMKM)  in particular, business as usual   appears to be so pervasive, it could have spread to the very governmental watchdog agencies, such as the SEC Office of the Inspector General (OIG), that are mandated by law to investigate it, as I explain infra.

On 12-20-10, I file a 166-page Complaint, Case Number HO102219 (SEC Complaint), with the SEC in which I expose the ongoing frauds that are being perpetrated against existing CMKM shareholders and unsuspecting investors.

According to the article, "SEC Builds New Tips Machine to Catch the Next Madoff," the SEC appears to have corrected the mistakes it made in the Madoff debacle and is currently implementing an efficient new system to handle the tips and complaints it receives concerning potential frauds.

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The article goes on to explain that "The TCR Database is the SEC's most significant response to its well-documented fumbling of early tips about Madoff's $65 billion fraud."

Furthermore, the article points out that "Harry Markopolos said since the database went into operation, he has submitted three of his own tips. In all three cases, he heard back from an SEC attorney within days, or in one case, a few hours."

Therefore, being a reasonable person, I deduce that the SEC should acknowledge receipt of my SEC Complaint by the first week of 1-11; but when the SEC fails to do so -- which contradicts the improvements it allegedly made since its TCR Database went into operation -- I telephone the Washington, DC, Office of the Enforcement Division of the SEC on 1-3-11 and again on 3-18-11, which leads to a 3-30-11 telephone conversation with Merrily W. Katz (Katz), SEC Investor Assistance Specialist, at her 202-551-6317 telephone number. Katz not only fails to apologize for the failure of the SEC to acknowledge my SEC Complaint, she is rude, obnoxious, and underhanded, and when she fails to intimidate me, she abruptly hangs up the telephone.

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In essence, the SEC fails to acknowledge my SEC Complaint until Katz sends me an email on 4-14-11, which is almost five months after I initially filed it on 12-20-10 -- and my telephone conversation with Katz on 3-30-11 was the only reason Katz sent that email. Furthermore, the SEC has failed to acknowledge my final updated version of my SEC Complaint that I filed on 5-20-11.

Because my name is not prominent like "Markopolos," and "CMKM" is not high-profile like "Madoff," I deduce that the SEC and Katz apparently feel they can get away with stonewalling my SEC Complaint to cover up for the SEC's   business as usual pertaining to said ongoing frauds.

Therefore, on 9-1-11, I file with the OIG, Complaint, Report #115612564, against the SEC and Katz. But instead of responding to Complaint, Report #115612564, which it is mandated by law to do, the OIG stonewalls it just as the SEC stonewalled my SEC Complaint. I reasonably deduce that the OIG could be colluding with the SEC, and therefore the OIG is engaging in the very same business as usual that it is mandated by law to investigate.

Thus, on 10-30-11, I start a Petition Letter on in which I document the OIG's stonewalling Complaint, Report #115612564.

On 11-15-11, the OIG emails me the following letter confirming that it has opened a preliminary inquiry into possible SEC staff misconduct pertaining to Complaint, Report #115612564:

Dear Mr. xxxxxx,

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Thank you for your submissions of November 9, 2011 to the Securities and Exchange Commission (SEC) Office of Inspector General's (OIG) complaint hotline (Report # 115612564 and Report # 115613986). The OIG is in receipt of your submissions under Hotline Report numbers 115613986 and, 115612564, as well as the information sent to the OIG electronic mailbox from the e-mail address, Email address removed . Please be assured that the OIG has an open preliminary inquiry into your complaint of misconduct by SEC staff and we will review all of your submissions to the OIG as part of that inquiry in order for us to determine which matters you raise fall within the OIG's jurisdiction.

Thank you again for contacting the OIG and providing all of this information to us.

Raphael Kozolchyk,

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I am an activist who exposes rampant political cronyism and crony capitalism.

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Can the Office of the Inspector General Be Trusted to Perform its Mandated Duties and Hold the SEC Accountable?