Word: madoff
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...staff failed to adequately follow up or seek third-party verifications on the trades, the report said. In many cases, the report said, "an inexperienced examination team" was assigned the investigation and many of the team's members were not familiar with trading practices and simply accepted Madoff's explanation that he used his "gut feel" to time the market on the basis of "his observations of the trading room." According to the report, examiners stated that "there was no training" and that "this was a trial by fire kind of job." It also said that examination team was "composed...
...result was a missed opportunity to uncover Madoff's Ponzi scheme 16 years before Madoff confessed," the report said. "The SEC had sufficient information to inquire further and investigate Madoff for a Ponzi scheme back...
...long-awaited report from the inspector general at the Securities and Exchange Commission concluded that the SEC received six "substantive" complaints from June 1992 to December 2008 that could have uncovered disgraced financier Bernie Madoff's Ponzi scheme as early as 1992 if it had "properly examined or investigated" Madoff's trading practices...
...page report, released Wednesday, outlines a series of fumbles in which SEC staff either failed to follow up on complaints, wrongly accepted Madoff's confusing and inconsistent answers to questions or in some cases involved junior staff who didn't understand options-trading and Ponzi schemes. (See the top 10 crooked CEOs...
...report said at least six complaints raised questions about Madoff's trading practices, with some even suggesting a Ponzi scheme was involved. They questioned "Madoff's incredible and highly unusual fills for equity trades, his misrepresentation of his options trading and his unusually consistent, non-volatile returns over several years," as well as how Madoff's alleged strategy and purported returns could not be duplicated by anyone else and had "no correlation to the overall equity markets in over 10 years." One tipster even nudged the SEC that "it may be of interest to you that Mr. Madoff keeps...