SEC plagued with hate mail
View(s):The Securities and Exchange Commission (SEC) in recent months has been plagued by ‘hate’ mail which informed sources say is precipitated by reopening of certain stock market fraud probes related to important personalities.
This mail is directed at frustrating the SEC officials in a bid of destabilise the institution, informed sources said. “There’re vested interests within the SEC and outside who are trying their level best to make unfounded allegations through unsubstantiated letters copied to SEC officials and other higher authorities,” a source told the Business Times. SEC never made the investigations public and that it was those being investigated who criticised the SEC in the media and via emails over the investigations, he said.
He explained that those within the SEC are still working hand in glove with the former mafia. It’s a matter of time before these officials whose duties at SEC are now limited will be exposed, he said.
But the SEC now doesn’t want to react to the hate mail and are channeling all their resources to work-at-hand, he added.
The public at large has been disappointed with the regulator for not taking action against market manipulators in the Colombo Stock Market in the 2011-2013 era.
Many have called out to the SEC to expose blatant manipulation and corrupt practices in the stock market and bring crooks to justice.
The SEC in its defense says that they need to start these probes from the beginning, hinting that what was done on these cases haven’t been adequate or certain important information is still at large. Time is what they need, but impatience of those who want justice is catching up fast. ((DEC)