June 15, 2007
CNBC has an update on the CNBC Million Dollar Portfolio Challenge. We have hired Judge Stanley Sporkin (U.S. District Court Judge, Ret.), the former Director of the Division of Enforcement for the Securities and Exchange Commission. Judge Sporkin is investigating whether one or more contestants engaged in illegal market manipulation to affect actual prices represented in their contest portfolios.
A member of the Freeh Group International, a group of former federal judges and senior FBI officials who provide legal, investigation, and risk management services, Judge Sporkin also served as General Counsel of the CIA for five years.
In addition, CNBC retained two independent leading consultants in the information security industry to investigate whether one or more contestants wrote and executed computer program scripts to bypass the contest's security measures. The consultants are Neohapsis and Symantec.
As previously stated, the integrity of the contest will drive this process, and we anticipate meeting the date of July 8, 2007 contained in the rules. However, we will not declare a winner until the investigations are complete.