Madoff Sec Investigation | SEC investigating ‘multiple failures’ in Madoff fraud case

December 17, 2008 by frankls
Filed under: Hot Topics

SEC investigating ‘multiple failures’ in Madoff fraud case
The government commission tasked with protecting investors has launched an internal probe into why, despite credible allegations for at least 10 years, there were "multiple failures" in investigating what may have been the largest Ponzi scheme in history.

The federal Securities and Exchange Commission said Tuesday that allegations against Bernard Madoff and his securities firm had "repeatedly" been brought to the attention of SEC staff as early as 1999 but were not recommended to the commission for action.
"I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them," said commission Chairman Christopher Cox in a written statement.

Excerpt from SEC investigating ‘multiple failures’ in Madoff fraud case – CNN.com

SEC Begins Internal Investigation Of Madoff Case – General * US …
Securities and Exchange Commission Chairman Christopher Cox has asked the agency's inspector general to investigate the SEC's conduct with regard to the alleged Ponzi-scheme linked to money manager Bernard Madoff, CNBC has learned….[Read More]

» Chairman Cox Admits SEC Staff Failed To Properly Investigate …
The Chairman’s statement concluds by noting that in the current investigation into the Madoff matter he has ordered a “mandatory recusal” of staff assigned to it current According to the Chairman, his means any “SEC staff who have had ……[Read More]

S.E.C. Chief Says Staff Ignored Warnings On Madoff – Mergers …
8:59 pm. Even with an SEC investigation, who is to say that Madoff would not have evaded the examiners? He had concocted an eleaborate scheme to dupe investors. Blame the SEC all you want, Madoff is the crook here. — Posted by Bonzo ……[Read More]

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