Word: reports
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Dates: during 2000-2009
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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...
...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...
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...
...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...