Word: madoff
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...internal-investigation report released on Wednesday points a clear finger of blame at the agency, stating that SEC investigators missed multiple opportunities to discover Bernard Madoff's criminal activities...
Harry Markopolos was among those who made repeated complaints to the SEC raising detailed red flags about Madoff's operations. However, the report found that a branch chief had taken an "instant dislike" of Markopolos and declined even to pick up the "several inch thick file folder on Madoff that Markopolos offered." (See pictures of the demise of Bernard Madoff...
...even consulted third parties, such as the Depository Trust Company (DTC, a special-purpose bank used by securities firms), to verify trades, the scandal would have been uncovered. For example, a January 2005 statement for a Madoff feeder-fund account indicated it held $2.5 billion of S&P 100 equities on Jan. 31, 2005. However, DTC records show Madoff held less than $18 million worth of S&P 100 equities in his DTC account...
...When Madoff's Ponzi scheme finally collapsed in 2008, an SEC Enforcement attorney testified that it took only 'a few days' and 'a phone call to DTC' to confirm that Madoff had not placed any trades with his investors' funds," the report said...
...free chapter of the Madoff whistleblower's story No One Would Listen: A True Financial Thriller...