Bernie Madoff

REPORT OF INVESTIGATION
UNITED STATES momentURITIES AND EXCHANGE COMMISSION OFFICE OF tester GENERAL Case No. OIG-509
Investigation of Failure of the bit
To endanger Bernard Madoffs Ponzi Scheme

Executive Summary
The OIG investigating did not find evidence that any(prenominal) endorsement personnel who worked on an endorsement question or investigation of Bernard L. Madoff Investment Securities, LLC (BMIS) had any financial or former(a) inappropriate connection with Bernard Madoff or the Madoff family that influenced the conduct of their examination or investigatory work. The OIG also did not find that former SEC Assistant Director Eric Swansons romantic relationship with Bernard Madoffs niece, Shana Madoff, influenced the conduct of the SEC examinations of Madoff and his firm. We also did not find that senior officials at the SEC directly attempted to influence examinations or investigations of Madoff or the Madofffirm, nor was on that point evidence any senior SEC official interfered with the staffs might to perform its work.



The OIG investigation did find, however, that the SEC received more than coarse information in the form of detailed and substantive complaints over the years to warrant a thorough and comprehensive examination and/or investigation of Bernard Madoff and BMIS for operating a Ponzi scheme, and that despite lead examinations and two investigations being conducted, a thorough and competent investigation or examination was never performed. The OIG found that between June 1992 and celestial latitude 2008 when Madoff confessed, the SEC received six! substantive complaints that raised important red flags concerning Madoff s hedge fund trading operations and should hurl led to questions about whether Madoffwas actually engaged in trading. Finally, the SEC was also aware of two articles regarding Madoff s investment operations that appeared in reputable publications in 2001 and questioned Madoffs unusually consistent returns. The scratch complaint, brought to the SECs attention in 1992,...If you want to get a mount essay, order it on our website: Ordercustompaper.com



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