The U.S. Securities and Exchange Commission (SEC) Office of Investigations has released the report: Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme. In a written statement, SEC Chairman Mary L. Schapiro said, "Today we are releasing the Inspector General's 450-page report regarding the Bernard Madoff fraud and the many missed opportunities to discover it...it is a failure that we continue to regret, and one that has led us to reform in many ways how we regulate markets and protect investors."
In June of 2009, Madoff was sentenced to 150 years in prison after pleading guilty in federal district court in New York to perpetrating a massive Ponzi scheme since the early 1990s that victimized thousands of investors. Madoff pleaded guilty to 11 criminal counts including securities fraud, and providing false documents and testimony to the SEC. The SEC has developed the Post-Madoff Reforms to prevent fraud and to promote its detection in the future.
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