by Richard Lawless
American Thinker
Over the past ten months, the Securities and Exchange Commission (SEC) has failed to comply with a number of Freedom of Information Act (FOIA) requests relating to the agency’s role in a seventy-four-billion-dollar municipal bond Ponzi scheme. Government agencies like the Securities and Exchange Commission are required by law to comply with FOIA requests. The SEC has repeatedly failed to comply with numerous FOIA requests relating to their role in the Puerto Rico municipal bond default — the largest such default in American history. The SEC’s failure to comply with the law has resulted in a federal lawsuit in the federal district court in Central California. In court documents, the SEC claims that it had either no knowledge or insufficient knowledge of securities fraud related to the Puerto Rico bond default. Unfortunately, in a FOIA request that the SEC complied with, the SEC is shown to have in its possession over 2,800 pages of information related to the Puerto Rico bonds detailing acts of securities fraud, mail fraud, wire fraud, extortion, bribery, theft, and government payoffs. In all, the SEC had documents showing over sixty major felonies that caused the Puerto Rico bond default. What is more concerning is the fact that the SEC’s rank and file wrote over 268,000 internal emails (see below) that have the words “Puerto Rico bonds” and words like fraud, Ponzi scheme, fraudulent, criminal, and illegal within the same email. So what is really going on, and what is the SEC trying to hide?