Don't miss

Replay


LATEST SHOWS

THE DEBATE

Splintered Left: French Socialists divided ahead of primary runoff (part 1)

Read more

THE DEBATE

Splintered Left: Are Europe's social democrats obsolete? (part 2)

Read more

EYE ON AFRICA

New President says Jammeh has agreed to cede power

Read more

ACROSS AFRICA

France finally grants Senegalese vets citizenship

Read more

THE OBSERVERS

Pollution threatens island paradise of Mauritius, and one Cameroonian expat's quest to bring safe drinking water to his country

Read more

THE INTERVIEW

Publicis boss encourages firms to move staff to Paris post-Brexit

Read more

THE INTERVIEW

'Fake news has had almost no impact on Wikipedia'

Read more

FOCUS

Iraq: Embedded with French special forces in Mosul

Read more

ENCORE!

Dominique Dalcan: Godfather of French 90s pop returns to his roots

Read more

Americas

US finance regulatory body to investigate own fault in Madoff affair

Latest update : 2008-12-18

The Securities and Exchanges Commission (SEC), the US financial regulatory body, announced on Tuesday that it was opening an investigation into its own near decade-long failure to discover Bernard Madoff's alleged fraud case.

AFP - The Securities and Exchange Commission (SEC), the US financial regulatory body, said Tuesday it would launch an in-house investigation into why it did not detect the massive Bernard Madoff alleged fraud case sooner after almost a decade of warning signs.
  
The SEC "has learned that credible and specific allegations regarding Mr. Madoff’s financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of SEC staff, but were never recommended to the Commission for action," said SEC Chairman Christopher Cox in a statement.
  
Madoff, 70, is the alleged mastermind of a 50-billion-dollar fraud shaking financial institutions worldwide.
  
"I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations," Cox said.
  
"A consequence of the failure to seek a formal order of investigation from the Commission is that subpoena power was not used to obtain information," Cox said, "but rather staff relied upon information voluntarily produced by Mr. Madoff and his firm."
  
Cox said he has "directed a full and immediate review of the past allegations regarding Mr. Madoff and his firm and the reasons they were not found credible, to be led by the SEC's Inspector General."
  
Madoff is free on a 10-million-dollar bond, but will be in court Tuesday to establish whether he has met bail conditions set after his arrest last week.

Date created : 2008-12-17

COMMENT(S)