Word: reporter
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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...
...while the report hammers the SEC for repeated instances of incompetence, it stops well short of declaring the SEC liable. "The OIG [Office of Inspector General] investigation did not find evidence that any SEC personnel who worked on an SEC examination or investigation of Bernard L. Madoff Investment Securities LLC had any financial or other inappropriate connection with Bernard Madoff or the Madoff family that influenced the conduct of their examination or investigatory work," the report notes. (See a Madoff family photo album...
...perhaps the biggest nod to SEC culpability, the OIG report says the SEC's futile investigations of Madoff were ultimately used by Madoff as a means of reassuring clients that his operations were clean, and these "had the effect of encouraging additional individuals and entities to invest with...
...Elisofan is encouraged by the contents of the SEC report, which he says "confirms what we've been alleging all along - that the SEC was negligent in carrying out their statutory purpose to protect the public interest...
...Overcoming the sovereign-immunity protection is the biggest hurdle, concurs David Bernfeld, a partner at Bernfeld Dematteo & Bernfeld LLC, who represents about a dozen Madoff victims. However, he believes the inspector general's report offers enough ammunition to prove negligence - which is the bullet needed to pierce the sovereign-immunity defense and make the SEC liable...