POSTED: Tuesday February 2nd 2010
FOR IMMEDIATE RELEASE

THE MICHAEL L. BUCKNER LAW FIRM PRESENTS PRESIDENTIAL COLLEGE SPORTS LAW UPDATE

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THE MICHAEL L. BUCKNER LAW FIRM PRESENTS PRESIDENTIAL COLLEGE SPORTS LAW UPDATE

JANUARY 26, 2010

The Bernard (Bernie) L. Madoff-Ponzi scheme scandal provides important lessons for university professionals conducting investigations of alleged NCAA rules-violations. Madoff’s June 17, 2009, interview with the Securities and Exchange Commission (SEC) inspector general revealed he was surprised the agency did not discover the Ponzi-scheme years ago. Further, Madoff briefed the SEC on two approaches to evade investigators:

•Make it hard for investigators to find documents by creating a convoluted and scattered paper trail.

•Be as cooperative as possible (the approach favored by Madoff).

Madoff’s interview also contained the following four best practices that can be used by university investigators in NCAA enforcement cases:

1. Check the basics. Madoff indicated “the young investigators who pestered him over incidentals like e-mail messages should have just checked basics like his account with Wall Street’s central clearinghouse and his dealings with the firms that were supposedly handling his trades.”

2. Follow-up. Madoff noted, in 2006, SEC “investigators actually asked for his clearinghouse account number on a Friday afternoon, but then never followed up.”

3. Verify testimony. SEC staff repeatedly relied only on “Madoff’s own testimony and records—which were lies and fabrications.”

4. Manage the investigation team. SEC “files also tell a tale of unseasoned, poorly managed people who were uncertain about what to do and unwilling to ask for help.”

Sources: Diana B. Henriques, “Lapses Helped Scheme, Madoff Told Investigators,” The New York Times, October 31, 2009, A1; Michael Corkery, “Jailhouse Interview: Madoff Rips SEC, Calls Shapiro a ‘Dear Friend’,” The Wall Street Journal Blog (October 30, 2009), http://blogs.wsj.com/deals/2009/10/30/jailhouse-interview-madoff-rips-sec-calls-shapiro-a-dear-friend/.

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Prior issues of Presidential College Sports Law Update can be downloaded on the “Best Practices and Information Nuggets” page of the Michael L. Buckner Law Firm website (http://www.michaelbucknerlaw.com).

You can contact Michael L. Buckner, Esquire, P.I., (954-941-1844; mbuckner@michaelbucknerlaw.com) if you have any questions on this issue or need to address a complex NCAA enforcement investigative or appellate issue.
The Michael L. Buckner Law Firm is a boutique law firm that assists college and university presidents, general counsel and athletic directors address complex NCAA enforcement investigations and appeals. The law firm website can be found at http://www.michaelbucknerlaw.com. 

Michael L. Buckner Law Firm
1000 West McNab Road, Suite 181
Pompano Beach, Florida 33069
(954) 941-1844 (Office)
(954) 735-4204 (Facsimile)
mbuckner@michaelbucknerlaw.com (E-mail)
http://www.michaelbucknerlaw.com (Website)

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Keywords · Michael Buckner Law · NCAA · college sports · Bernie Madoff

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Name: Michael L. Buckner
Organization: Michael L. Buckner Law Firm
Email:
Phone: (954) 941-1844
URL: http://www.michaelbucknerlaw.com

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