The US regulator could have stopped Bernard Madoff’s £65 billion Ponzi scheme
17 years ago according to a scathing internal report.
An investigation of events leading up to Madoff’s eventual capture and
conviction found the US Secutiries and Exchange Commission had “ample
information in the form of detailed and substantive complaints”.
The report, by the US Office of Inspector General, details a long list of red
flags which where missed by authorities, dating back to June 1992. Each of which
had the potential to expose Madoff if properly investigated.
“Despite numerous credible and detailed complaints, the SEC never properly
examined or investigated Madoff’s trading and never took the necessary, but
basic, steps to determine if Madoff was operating a Ponzi scheme,” the report
SEC chairman Mary Schapiro said had been reviewing internal practices in the
wake of the Madoff scandal, since she took office in January.
“Since becoming chairman, I have been impressed by the expertise and
dedication of the men and women at the SEC and their willingness to embrace the
changes that we have undertaken to better protect investors,” she said.
Read Mary Schapiro’s full speech:
on the Release of the Executive Summary of the Inspector General’s Report
Regarding the Bernard Madoff Fraud
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day