In-House Report Says SEC Flubbed Madoff Probes

Law360, New York (September 2, 2009, 6:19 PM EDT) -- Despite receiving detailed complaints pointing to Bernard L. Madoff's Ponzi scheme for more than a decade, the U.S. Securities and Exchange Commission never mounted a competent investigation of the disgraced financier or of his firm, the agency's Office of Inspector General said Wednesday.

The office released an executive summary of its 450-page report on the agency's failure to uncover Madoff's scheme. The full report will be released “in the coming days,” it said.

The agency “received more than ample information” through six detailed and substantive complaints,...
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