Silobreaker: Investigation: SEC Dismissed Madoff Red Flags

NEWS SEARCH ANALYSIS INSIGHT

Saturday, November 21, 2009 9:10 PM

Published 11/03/2009 by Moneynews

Investigation: SEC Dismissed Madoff Red Flags

NEW YORK/WASHINGTON -- U.S. securities investigators raised repeated concern over how Bernard Madoff could be running an honest business, but never followed through on the many red flags they uncovered.

Hundreds of released on Friday by U.S. Securities and Exchange Commission's portray an agency at times skeptical...

READ FULL ARTICLE

Share this

What others report on the same story

How Did Madoff Go Bad?

Last Friday, the SEC published the exhibits for Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme (Report No. OIG-509). That was 536 ... - [11/03/2009 - Compliance Building]

Bernie Madoff's federal accomplices

Madoff spoke those very words in June when he told H. David Kotz, the SEC's inspector general, how he managed to bilk some of American's savviest investors out of ... - [11/03/2009 - Washington Post]

The SEC we deserve - [11/03/2009 - Washington Post]

Avoid another Madoff, put a higher value on gov... - [11/03/2009 - Washington Post]

Cohen: The SEC helped Madoff get away with it - [11/03/2009 - New York Daily News]

Quotes

"I have some qualms about a self identified independent fraud analyst" one investigator wrote...

Investigation: SEC Dismissed Madoff Red Flags [Moneynews - 11/03/2009]

Another said "the author's motives are to make money by uncovering the alleged fraud. I think he is on a fishing expedition and doesn't have the detailed understanding of Madoff's operations that we do."

Investigation: SEC Dismissed Madoff Red Flags [Moneynews - 11/03/2009]

Related Stories

First Reported 11/03/2009 - Updated 11/04/2009 - 45 Documents

Madoff auditor guilty

'Sorry' CPA gave scam green lightPosted: 5:14 AM, November 4, 2009Bernard Madoff's longtime auditor pleaded guilty to securities fraud yesterday, claiming he'd been oblivious to the massive rip-off he was rubber-stamping."At no time was I ever aware that ... [New York Post - 11/04/2009]

Entities: Bernard Madoff, Alvin Hellerstein, David Friehling, Internal Revenue Service, Accomplice

First Reported 10/30/2009 - Updated 10/31/2009 - 15 Documents (in Internet & IT)

Madoff documents reveal incredulous, unfocused SEC

* Many red flags about epic Ponzi scheme missed* Skepticism, inexperience weighed on agency's probesNEW YORK/WASHINGTON, Oct 31 (Reuters) - U.S. securities investigators raised repeated concern over how Bernard Madoff could be running an honest business, ... [Reuters - 10/31/2009]

Entities: Bernard Madoff, Corroboration, Ponzi Scheme, US Securities and Exchange Commission

First Reported 10/31/2009 - Updated 11/01/2009 - 10 Documents

US Securities and Exchange Commission

Madoff probe shows an unfocused SEC

World US securities investigators raised repeated concern over how Bernard Madoff could be running an honest business, but never followed through on the many red flags they uncovered.Hundreds of released by U.S. Securities and Exchange Commission's portray ... [stuff.co.nz - 11/01/2009]

Entities: Bernard Madoff, US Securities and Exchange Commission, Ponzi Scheme

First Reported 11/02/2009 - Updated 11/02/2009 - 10 Documents

Madoff surprised he was not caught sooner

It appears that no one was more surprised by the Securities and Exchange Commission's inability to uncover his fraud than convicted Ponzi schemer Bernie Madoff himself. In a jailhouse interview released late Friday by H. David Kotz, the SEC's inspector ... [TheDeal.com - 11/02/2009]

Entities: Bernard Madoff, Ponzi Scheme, H David Kotz, David Friehling

First Reported 10/30/2009 - Updated 10/31/2009 - 21 Documents (in Conflicts & Crime)

Madoff auditor due to plead guilty

Disgraced financier Bernard Madoff's long-time auditor is expected to plead guilty next week in a cooperation deal, US federal prosecutors have told a judge.Prosecutors said in a letter to US District Judge Alvin K Hellerstein that accountant David Friehling ... [Virgin Media - 10/31/2009]

Entities: Bernard Madoff, Fraud, David Friehling, US Attorney, Ponzi Scheme

First Reported 11/10/2009 - Updated 11/10/2009 - 12 Documents (in Internet & IT)

Bernard Madoff

Madoff jewels, clothes set for New York auction

The trappings of Bernard Madoff's once luxurious lifestyle -- jewels, furs and expensive trinkets -- will be auctioned Saturday in New York to benefit victims of the Wall Street swindler.The catalogue contains almost 200 lots reflecting the gaudy life ... [France24 - Asia Pacific - 11/10/2009]

Entities: Bernard Madoff, Rolex SA, LVMH Moët Hennessy Louis Vuitton SA

First Reported 10/27/2009 - Updated 10/27/2009 - 8 Documents (in Conflicts & Crime)

Billionaire Killed By Stress of Madoff Money [Curses]

Billionaire investor Jeffry Picower—who made billions off of Bernie Madoff's Ponzi scheme—was found dead in his (expensive) pool Sunday. Murder??? Well, the coroner doesn't want you to think so. But clearly, Madoff's money has a deadly curse. The autopsy ... [Gawker - 10/27/2009]

Entities: Bernard Madoff, Jeffry Picower, Irving Picard, Autopsy, Ponzi Scheme

First Reported 10/28/2009 - Updated 10/29/2009 - 8 Documents

Madoff Ponzi losses clear $21.2B

The losses linked to Bernard Madoff's Ponzi scheme were bigger than initially thought, and now top $21.2 billion, according to the government-appointed trustee in charge of returning the convicted fraudster's ill-gotten gains to investors.Trustee Irving ... [New York Post - 10/29/2009]

Entities: Bernard Madoff, Securities Investor Protection Corporation, Jeffry Picower, Ponzi Scheme, Irving Picard

First Reported 10/29/2009 - Updated 10/29/2009 - 3 Documents

Judge denies bail for Bernie Madoff crony over concern Frank DiPascali may try to 'con' him

Josephine DiPascali leaves Manhattan Federal Court following her son Frank's hearing. Bernard Madoff's longtime deputy must stay in jail while a federal judge considers whether to release him on bail.A longtime lieutenant to Bernard Madoff is staying ... [New York Daily News - 10/29/2009]

Entities: Frank DiPascali, Bernard Madoff, Bail, Richard Sullivan

First Reported 11/04/2009 - Updated 11/05/2009 - 3 Documents (in Internet & IT)

JPMorgan, SEC reach deal

JPMorgan Chase & Co. has agreed to a settlement worth more than $700 million over federal regulators' charges that it made unlawful payments to friends of public officials to win municipal bond business in Jefferson County, Ala.The Securities and Exchange ... [Chicago Tribune - 11/05/2009]

Entities: JPMorgan Chase & Co, US Securities and Exchange Commission, Municipal Bond, The Wall Street Group Inc

First Reported 11/10/2009 - Updated 11/10/2009 - 2 Documents

Madoff friend Picower leaves (Reuters)

MIAMI (Reuters) - Jeffry Picower, the billionaire beneficiary of Bernard Madoff's fraud scheme who died last month in Florida, left $200 million to his wife and appointed her chairwoman of a charitable foundation to be funded with assets from his est ... [Yahoo! News Australia - 11/10/2009]

Entities: Jeffry Picower, Bernard Madoff, Fraud, Marcia Horowitz

First Reported 11/05/2009 - Updated 11/05/2009 - 2 Documents (in Internet & IT)

SEC official worried about "naked access" (Reuters)

NEW YORK (Reuters) A top U.S. securities regulator said on Thursday that she was concerned about naked access, where brokers give high-frequency traders unfiltered access to public markets. "I am worried that the proper controls are not being used effectively ... [Yahoo! News - 11/05/2009]

Entities: US Securities and Exchange Commission, Mary Schapiro, United States

Blogs

sort by: Date \| Relevance
Madoff: SEC never thought it was a Ponzi scheme... [M0 - 10/31/2009] AP - Bernard Madoff was apparently convinced that it never even occurred to Securities and Exchange Commission staff he was running a Ponzi scheme, despite the agency's ...
Madoff: SEC never thought it was a Ponzi scheme... [M0 - 10/30/2009] AP - Bernard Madoff was apparently convinced that it never even occurred to Securities and Exchange Commission staff he was running a Ponzi scheme, despite the agency's ...
Bernie Madoff: You Have No Idea How Stressful I... [Dealbreaker - 11/02/2009] The long hours, the fake returns-- it all ate away at him pretty badly. Mostly it was the constant fear that today would be the day the rètards at the Securities ...
Bernie Madoff: Screwing The SEC, Anyone That Ti... [Dealbreaker - 10/30/2009] CNBC reports the first bits of news from Bernie Madoff's latest prison interview. First off, he cannot express how crazy it is that he got away with all this but ...
Madoff to SEC watchdog: Agency held me in awe (... [M0 - 10/30/2009] Reuters - Bernard Madoff believed U.S. Securities and Exchange Commission employees were too dazzled by his stature on Wall Street to properly probe his operations ...

Audio/Video

sort by: Date \| Relevance
Madoff accountant pleads guilty [Reuters Video: Top News - 11/03/2009]
Levitt Says U.K. Needs Stronger Regulation Than... [Bloomberg - YouTube - 11/04/2009]
Consumer concerns over cyber fraud [Reuters Video: Technology - 11/10/2009]
Consumer concerns over cyber fraud [Reuters Video: Business - 11/10/2009]
Consumer concerns over cyber fraud [Reuters - YouTube - 11/10/2009]

Change Password

Log in to Silobreaker

Advanced Search Options

Investigation: SEC Dismissed Madoff Red Flags