Blistering report faults SEC for Madoff misses
Thursday, September 3, 2009 : PermalinkReuters – U.S. securities regulators missed “numerous” red flags that may have led to Bernard Madoff’s $65 billion Ponzi scheme and never did a “thorough and competent” probe despite complaints dating to 1992, a federal watchdog has concluded.
The U.S. Securities and Exchange Commission’s inspector general said in a blistering report that despite five probes and having caught Madoff in “lies and misrepresentations,” the SEC failed to follow up on inconsistencies.
“Despite numerous credible and detailed complaints, the SEC never properly examined or investigated Madoff’s trading and never took the necessary, but basic, steps to determine if Madoff was operating a Ponzi scheme,” Inspector General David Kotz wrote.
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September 3rd, 2009
12:00 pm
THis investigation needs to go even deeper. The lack of oversight wasn't by accident, and those involved need to be brought to justice.
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Tags:
inconsistencies, red-flags, regulators, securities-and-exchange