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SEC General Counsel "Knew Nothing" About His Own Mother's Madoff Account?

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The Daily News reports that Irving Picard has named David M. Becker, general counsel and senior policy director at the SEC, as a defendant in a clawback lawsuit that asserts his own mother's estate earned more than $1.5 million in fictitious profits in Bernie Madoff's $65 billion Ponzi scheme.

Becker, who was executor of the estate along with his two brothers, liquidated the account in 2005, but according to John Nester, an SEC spokesman, "He had no involvement with his parents' financial affairs, and no recollection of his parents' account with Madoff prior to his mother's death and subsequent liquidation of the account."

Really? I'm 40 and my mother still calls to make sure I'm wearing a warm enough jacket when it's cold outside. This guy had "no involvement with his parents' financial affairs"?

"Son, your father and I are putting away some money for retirement and we were wondering--"

"Mom, why would you ask me about such a thing?"

"Because you know about the market and--"

"Hogwash. I'm only the top attorney at the Securities and Exchange Commission. Not my area. You wanna know about movies or gardening, I'm your man. Wall Street? No idea."

"Who you gonna believe? Me, or your lyin' eyes?"
POSITION:  No positions in stocks mentioned.