A report by the U.S. Securities and Exchange Commission's Office of Inspector General reveals that the SEC repeatedly failed to discover Bernard Madoff's Ponzi scheme despite investigations dating back to the early '90s. Read a New York Times account of the Inspector General's report.
In June Madoff was sentenced to 150 years in prison for fraud, money laundering, and perjury that cost investors $65 billion over 20 years. Although the SEC received evidence that warranted a thorough investigation of Bernard L. Madoff Investment Securities LLC, a complete investigation was never launched, the report's executive summary states. On the SEC's website you can find Chairman Mary L. Schapiro's statement on the executive summary's release and a description of the SEC's "Post-Madoff Reforms."Check the SEC's website during the next few days for the full 450-page report from the OIG.
For additional government resources about fraud and money laundering, see our guide to crime and justice.
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