The U.S. Securities and Exchange Commission (SEC) Office of the Inspector General has released the "Investigation of Failure of the SEC To Uncover Bernard Madoff's Ponzi Scheme" Executive Summary. In a written statement, SEC Chairman Mary L. Schapiro states:
"Since Bernard Madoff's fraud came to light last year, the Securities and Exchange Commission's Inspector General has been investigating why the agency failed to detect it. His report makes clear that the agency missed numerous opportunities to discover the fraud. 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 an effort to provide a full accounting as quickly as possible, we are releasing the Executive Summary of the Inspector General's report, to be followed by the 450-page report in the coming days."
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