Madoff Chasers Dug for Years, to No Avail

News Type: Other — Seeded on Mon Jan 5, 2009 10:55 AM EST

Article Source: Wall Street Journal

us-news, sec, bernie-madoff, madoff-fraud

Bernard L. Madoff Investment Securities LLC was examined at least eight times in 16 years by the Securities and Exchange Commission and other regulators, who often came armed with suspicions.

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{"commentId":4669158,"authorDomain":"bluecollarbytes"}

bluecollarbytes

excerpt: SEC officials followed up on emails from a New York hedge fund that described Bernard Madoff's business practices as "highly unusual." The Financial Industry Regulatory Authority, the industry-run watchdog for brokerage firms, reported in 2007 that parts of the firm appeared to have no customers.

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#1 - Mon Jan 5, 2009 10:56 AM EST

{"commentId":4670531,"authorDomain":"kramer-mw"}

Purple Party

The failure to stop Mr. Madoff also is an embarrassment for Mary Schapiro, the Finra chief who has been nominated by President-elect Barack Obama as the next SEC chairman. Finra [the Financial Industry Regulatory Authority, an industry-run watchdog for brokerage firms] was involved in several investigations of Mr. Madoff's firm, concluding in 2007 that it violated technical rules and failed to report certain transactions in a timely way.
Ms. Schapiro declined to comment. Mr. Cox has previously acknowledged mistakes by the SEC. The agency declined to comment.

Well that's embarrassing for Obama.

{"commentId":4670531,"threadId":"461012","contentId":"2275552","authorDomain":"kramer-mw"}

2 votes

#2 - Mon Jan 5, 2009 12:43 PM EST

{"commentId":4687200,"authorDomain":"clementstory"}

saxon

I have just finished reading Mr. Markolopos warning and complaint to the SEC. There can be only one reason that this letter did not trigger a full audit-investagation. That reason can only be political influence, from a very high level. At the hearings, the first question to be asked, what division was this complaint assigned to; and if not assigned, then on whose orders was it buried. It does appear that some SEC regulators will be joining Mr. Madoff, in jail.

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#3 - Tue Jan 6, 2009 2:17 PM EST

{"commentId":5244504,"authorDomain":"wingod"}

space guy

It does appear that some SEC regulators will be joining Mr. Madoff, in jail.

Not going to happen, the new head of the SEC was one of the regulators that missed the problem as PP shows in #2 above.

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1 vote

#3.1 - Sun Feb 8, 2009 2:04 AM EST

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Congressmen sound off against SEC in Madoff affair	Associated Press	Mon Jan 5	3
Threat to SEC as Madoff breaks bail by mailing $1m in jewellery	The Times	Mon Jan 5	1
ABC News: Different Worlds, One Scam	ABC News	Tue Jan 6	0
NYC judge allows Madoff to remain free	Associated Press	Mon Jan 5	2
Madoff victims selling memorabilia on eBay	Associated Press	Sun Jan 4	0

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Madoff Chasers Dug for Years, to No Avail

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