Six Warnings: How Bernie Madoff Got Past the SEC
Three examinations. Two investigations. The SEC still did not uncover Bernie Madoff's Ponzi scheme. That is the finding of the SEC's own inspector general.
Between 1992 and the day Madoff confessed in December 2008, the inspector general counted six substantive complaints raising red flags about his business. The first began with a complaint about two accountants' firm and led the SEC to Madoff. Harry Markopolos's warning reached the SEC in three versions, in 2000, 2001 and 2005; counted separately, the inspector general said there were arguably eight. Arthur and George follow each warning…
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