Professor Ronald J. Colombo was quoted in the following <em>Newsday</em> article.
Regulation: SEC shake-up is likely
By Tom Incantalupo
March 13, 2009
It will be small consolation to Bernard Madoff’s victims, but experts say the massive Ponzi scheme to which he pleaded guilty yesterday will provide a much-needed shake-up at what critics term a snoozing Securities and Exchange Commission that will lead to more crooks like him being discovered sooner and prosecuted.
“This has been a black mark on the record of the SEC,” said attorney Ross A. Albert, a partner at the law firm Morris Manning & Martin Llp in Atlanta and former senior special counsel with the SEC’s enforcement division. “And, right now, you have federal regulators talking about a fundamental restructuring of the way financial markets are overseen in the United States.”
Academic Ronald Colombo, a professor of corporate and securities law at Hofstra University’s Law School, agrees. “This is a pattern every time there is a huge scandal.”