Last February, an unnamed Securities and Exchange Commission worker got in a bit of trouble with his employer for checking out a little porn while on the job. The guy made at least 1,800 logged attempts to check out some sites that included www.ladyboyx.com, www.ladyboyjuice.com, www.trannytit.com, and www.anal-sins.com, which, he admitted, “were kind of distraction per se.” But he had a good reason which is that he had a lot of work to do, and it was stressing him out.

Now it seems that the tranny tits were in fact not just “kind of” a distraction, “per se,” but a “huge ass” distraction. In SEC Inspector General David Kotz’s latest semi-annual report, released Monday, it is disclosed that the watchdog is close to wrapping up an investigation into whether or not “a senior-level official” directed staff not to go after red flags in an investment adviser case in order to cover his own hide, which had previously investigated the firm and failed to uncover the fraud, possibly as a result of spending too much time surfing for lady boy juice at work.

Complaint of Failure of an SEC Regional Office to Uncover Fraud and Inappropriate Conduct on the Part of a Senior-Level Official

In March 2010, the OIG received an anonymous complaint alleging that a senior-level official in the investment adviser examination program at an SEC Regional Office instructed examiners to not pursue certain “red flags” in an examination in which the SEC staff uncovered a massive fraud. The complaint further alleged that the senior official’s apparent motive for these instructions was that he either performed, or was materially involved in directing, the most recent prior examination of the firm that did not uncover the fraud, although it existed at the time. In addition, the complaint alleged that a hostile work environment existed in the Regional Office as a result of management’s failure to aggressively discipline the senior official after a previous OIG investigation revealed that the senior official had viewed pornographic images from an SEC computer.

During the reporting period, the OIG obtained and reviewed the e-mail records of 11 former and current SEC employees, and searched over 68,000 e-mails. We also obtained and reviewed thousands of pages of pertinent documents, including the examination files for three examinations conducted of the firm. The OIG also took the testimony of 17 witnesses who had knowledge of the facts and circumstances surrounding the allegations in the complaint. The OIG has nearly completed its investigatory work and intends to issue its report of investigation early within the next reporting period.

From the original whistle-blower letter, which got the investigation ball rolling:


SEC-IG Report [PDF]

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Comments (38)

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