Burned By Madoff, SEC Turned The Page

Law360, New York (December 11, 2013, 7:28 PM EST) -- One day in early December 2008, U.S. Securities and Exchange Commission enforcement chief Linda Thomsen burst into the office of a top agency official with some alarming news. Flanked by other SEC employees, Thomsen recounted in a somber voice that federal officials had just discovered that a money manager named Bernard Madoff had been running a massive Ponzi scheme for years, according to one attendee.

It was the first time that the official and others in the room had ever heard of the fraud. But it...
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