SEC Update: US Charges SEC Employee With Lying About Stock Ownership

Here's another gem from the "fox guarding the henhouse" files.

U.S. prosecutors on Tuesday charged Steven Gilchrist, a staffer in the Securities and Exchange Commission's New York office, with criminally lying to government agents about his stockholdings banned under agency rules.

The charging document, released jointly by the SEC and the office of the U.S. Attorney for the Southern District of New York, accused Gilchrist of lying about ownership of certain prohibited stocks, including banks and broker dealers that the SEC oversees. The document alleges three instances of Gilchrist lying.