Does Madoff documents reveal incredulous, unfocused SEC (Reuters)?”
NEW YORK/WASHINGTON (Reuters) – U.S. securities investigators raised repeated concern over how Bernard Madoff could be running an honest business, but never followed through on the many red flags they uncovered. Hundreds of documents released on Friday by U.S. Securities and Exchange Commission’s portray an agency at times skeptical or dismissive of evidence that the now imprisoned mastermind of the world’s largest Ponzi scheme was up to no good. At other times, it appeared the agency knew that goings-on at Bernard L. Madoff Investment Securities LLC were improper but never followed through on their discoveries or on the allegations of chief whistleblower Harry Markopolos. “I don’t think we should worry about Bernie finding out to whom we speak …. we are not telling anybody that we have found anything improper (except for his lies to us, of course),” one SEC investigator wrote in a May 16, 2006 e-mail. In September, SEC Inspector General David Kotz issued his full report on how the a
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