Regulators Knew About Madoff Scam in 1992

In news that will undoubtedly cause victims of Bernard Madoff’s massive $150 billion Ponzi scheme to become outraged, an new report by the Securities and Exchange Commission shows that the SEC received six tips in the sixteen years leading up to Madoff’s confession concerning his scam. However, the SEC’s report alleges that the agency mishandled the inquiries and ignored several key factors in exposing Madoff’s guilt.
 
The SEC recently released a 450-page report that revealed the SEC’s knowledge of Madoff’s “lies and misrepresentations” dating all the way back to 1992. However, the report also revealed that the SEC failed in its …read more