Madoff recorded coaching witness to outsmart SEC

Yahoo News – Madoff dismissed an SEC investigation as a “fishing expedition” and highlighted how investigators develop cozy relationships with firms they are supposed to regulate.

“The guys … ask a zillion different questions and we look at them sometimes and we laugh, and we say are you guys writing a book?” Madoff said. “These guys they work for five years at the commission then they become a compliance manager at a hedge fund now.”

The SEC’s failure to uncover Madoff’s massive scheme has led the agency to beef up enforcement efforts as it moves to restore investor confidence.

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