Bernie Madoff was sentenced to 150 years in prison for his Ponzi scheme that he said was $50 billion. While Madoff's fate is sealed, some questions still remain such as where was SEC? Whistleblowers said the tried for years to alert the SEC to Madoff's Ponzi scheme but couldn't get the agency interested in launching an investigation.
A story in The Washington Post offers some insight into what was going on at the SEC. An SEC staffer says warned superiors in 2004 about irregularities at Madoff's firm but was told to investigate unrelated matters. Turns out, one of those superiors later married Madoff's niece.
The Post reports the SEC's inspector general is now investigating the agency's handling of the Madoff case. Stay tuned.
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