and Exchange Commission (SEC) said yesterday it would immediately open an
internal investigation to find out why it failed to follow through on repeated
warning signs over at least nine years about what has been described as Wall
Street’s biggest fraud ever.
Christopher Cox, SEC chairman, said the commission’s initial findings were
‘deeply troubling’ because SEC had received ‘credible and specific allegations’
regarding Madoff’s financial wrongdoing, but failed to respond aggressively.
‘I am gravely concerned by the apparent multiple failures over at least a
decade to thoroughly investigate these allegations or at any point to seek
formal authority to pursue them,’ he said.
In addition, the commission will investigate ‘all staff contact and
relationships with the Madoff family and firm, and their impact, if any, on
decisions by staff regarding the firm.’
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016