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The Madoff Case: Another Black Eye for the SEC

Last week?s revelations about Bernard Madoff?s $50 billion Ponzi scheme raise serious questions about the efficacy of the SEC?s examination and enforcement programs. Although Mr. Madoff apparently managed large amounts of other people?s money for many years, he did not register his firm as an investment adviser until 2006. Newly registered advisers are supposed to be examined within the first year. However, ?[t]here is no indication the SEC ever conducted that examination.?[1] There is no indication that the SEC sought to inquire whether, as it appears, Mr. Madoff?s failure to register previously was illegal. Further, the alleged scheme was consummated on the 17th floor of the offices of a regulated entity, Bernard Madoff Securities Investments (?BMSI?)...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on December 15, 2008 (boomark / email).

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