Bernie Madoff

REPORT OF INVESTIGATION UNITED STATES momentURITIES AND EXCHANGE COMMISSION seat OF tester GENERAL Case No. OIG-509 Investigation of stroke of the bit To endanger Bernard Madoffs Ponzi Scheme Executive Summary The OIG look into did not acquire evidence that either(prenominal) endorsement personnel who worked on an endorsement question or investigation of Bernard L. Madoff Investment Securities, LLC (BMIS) had any financial or versioner(a) inappropriate connection with Bernard Madoff or the Madoff family that influenced the exile of their examination or investigatory work. The OIG alike did not find that former mho Assistant Director Eric Swansons romantic blood with Bernard Madoffs niece, Shana Madoff, influenced the conduct of the SEC examinations of Madoff and his firm. We also did not find that aged officials at the SEC directly attempted to influence examinations or investigations of Madoff or the Madofffirm, nor was on that point evidence any ranking (prenominal) SEC official interfered with the staffs might to perform its work.

The OIG investigation did find, however, that the SEC receive more than coarse information in the form of detai direct and substantive complaints over the years to warrant a thorough and comprehensive examination and/or investigation of Bernard Madoff and BMIS for operate a Ponzi scheme, and that despite lead examinations and two investigations being conducted, a thorough and competent investigation or examination was never performed. The OIG found that between June 1992 and celestial latitude 2008 when Madoff confessed, the SEC received six! substantive complaints that raised important red flags concernin g Madoff s hedge fund trading operations an! d should hurl led to questions about whether Madoffwas actually engaged in trading. Finally, the SEC was also aware of two articles regarding Madoff s investment operations that appeared in reputable publications in 2001 and questioned Madoffs unusually consistent returns. The scratch complaint, brought to the SECs caution in 1992,...If you want to get a mount essay, coif it on our website: OrderEssay.net

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