Charity Fingers SEC For $20M Lost In Madoff Scheme

By Nick Malinowski (September 27, 2010, 12:22 PM EDT) -- A New York-based charity has blamed the U.S. Securities and Exchange Commission for nearly $20 million it lost in the Bernie Madoff Ponzi scheme, accusing the agency of botching numerous opportunities to stop Madoff and his firm, Bernard L. Madoff Investment Securities LLC, before the damage was done.

The SEC failed to properly respond to credible complaints about Madoff's activities, some as early as 1992, and this negligence allowed the perpetuation of a scheme that cost investors billions of dollars, including $19 million lost by the Litwin Foundation, said the complaint, which was filed Friday in the U.S. District Court for...

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