Another instance why we need regulations Bernie Madoff

The Securities and Exchange Commission charged Eric Lipkin, a longtime employee of Bernard  Madoff  with assisting Madoff’s firm deceive and defraud investors and regulators about the massive Ponzi scheme.

“Eric Lipkin helped create the detailed and entirely phony trading and business records that contributed to the success of Madoff’s fraud,” said George S. Canellos, Director of the SEC's New York Regional Office. “The SEC is committed to holding accountable those who helped to perpetrate and conceal Madoff’s scheme.”

Lipkin, 37, pleaded guilty on June 6^th 2011 to six criminal counts, including conspiracy, falsifying records and bank fraud. Lipkin agreed to cooperate with the government in its investigation of the fraud at Bernard L. Madoff Investment Securities LLC.

“I’d like to first apologize to my family, my friends and all the victims in the case,” Lipkin told U.S. District Judge Laura Taylor Swain.