SEC to release report on how it botched Madoff case
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Ready to settle into your beach chair this weekend with a good book?
The Securities and Exchange Commission is expected to make public later this week its inspector general’s report on how the agency failed to detect Bernie Madoff’s massive Ponzi scheme.
From the Wall Street Journal:
The report by SEC Inspector General David Kotz was sent to SEC Chairman Mary Schapiro’s office late Monday. The SEC protocol requires it to be reviewed by all five commissioners before its release. The report, 450 pages long with more than 500 exhibits, delves into the numerous tips the agency received from hedge funds, news articles and Harry Markopolous, a former Madoff rival turned whistleblower, who spent nearly a decade trying to persuade the SEC to follow up on his suspicions. In an email, Kotz called the report ‘an exhaustive summary of the investigative work that the SEC [Office of Inspector General] has conducted over the past 8 months.’ He said it is ‘a comprehensive review of the complaints issued to the SEC regarding Madoff, and the investigations and examinations that the SEC conducted of the Madoff firm.’
-- Tom Petruno