SEC "Destroyed Internal Documents & Withheld Important Information"

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By David S. Hilzenrath, Published: November 1

The SEC, which is responsible for policing Wall Street, destroyed internal documents that should have been preserved as official federal records, the agency’s inspector general has found.

The SEC also withheld important information about the practice from the National Archives, according to the inspector general. The Archives oversees the preservation of federal records and last year asked the Securities and Exchange Commission to address an allegation that the SEC had destroyed documents without authorization.

An Archives official concluded that the SEC’s August 2010 explanation appeared to be “inaccurate or misleading,” the inspector general’s report said.

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One of the files involved an anonymous tip about Lehman Brothers Holdings written on the letterhead of Lehman’s auditor, Ernst and Young, the report said.

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