SEC investigation: They missed Madoff
“SEC investigation: They missed Madoff,” and that is an understatement! The Securities and Exchange Commission overlooked “more than ample” evidence, including six complaints, that red-flagged the Bernard Madoff Ponzi scheme, an internal watchdog stated Wednesday, September 2nd, 2009.
A recent broad review of the SEC and its efforts at tracking Madoff found a “thorough and competent investigation was never performed.” In other words, they dropped the ball.
“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,” according to a SEC inspector general report consisting of 22 pages…from a 450 page report.
SEC investigation: They missed Madoff and SEC Chairwoman Mary Schapiro stated in a letter accompanying the report that her office has beefed up enforcement in recent months “implementing the lessons learned.” The agency has already shut down, by emergency restraining orders, more than twice the number of Ponzi schemes and frauds than the agency did last year, she stated.
“The findings contained in the report reinforce my view that the many changes we have made since January will help the agency better detect fraud,” Schapiro wrote.
Is it too little too late? There was an awful lot of money in this scheme alone…I just wonder if any one was bribed or are they just plain stupid and lazy. I doubt if any of these words will replace the monies that were taken by the Modoff’s.
Bernie Madoff will die in prison. He went there to save his family. As you see, no one has been indicted since he was.
For the full story of “SEC investigation: They missed Madoff,” go to Money.CNN.com.
"
"
"
