Word: sec
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Dates: during 2000-2009
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...SEC 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...
...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...
...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...
...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 two sets of records - the most interesting of which is always on his person...
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...