The watchdog arm of the Securities and Exchange Commission has found that the agency failed to competently look into convicted financial swindler Bernard Madoff.
The inspector general found that three agency exams and two investigations were inadequate, despite ample warning of fraud.
The SEC failed to uncover the massive Ponzi scheme over 10 years, but the probe found no evidence of impropriety.
Madoff bilked investors out of billions of dollars and is currently serving a 150-year prison sentence.
(Source: NY1)
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They didnt fumble it. They were waiting for more returns to come in on their investments.