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Date: April 30, 2024 Tue
Time: 3:27 am
Time: 3:27 am
Results for financial crimes, madoff, bernard
2 results foundAuthor: U.S. Securities and Exchange Commission. Office of Investigations Title: Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme -Public Version- Summary: The investigation did not find evidence that any SEC personnel who worked on an SEC examination or investigation of Bernard L. Madoff Investment Securities, LLC (BMIS) had any financial or other inappropriate connection with Bernard Madoff or the Madoff family that influenced the conduct of their examination or investigatory work. Neither did the investigation find that former SEC Assistant Director Eric Swanson’s romantic relationship with Bernard Madoff’s niece influenced the conduct of the SEC examinations of Madoff and his firm. In addition, the investigation did not find that senior officials at the SEC directly attempted to influence examinations or investigations of Madoff or the Madoff firm, nor was there evidence that any senior SEC official interfered with the staff’s ability to perform its work. The investigation did find, however, that the SEC received more than ample information in the form of detailed and substantive complaints over the years to warrant a thorough and comprehensive examination and/or investigation of Bernard Madoff and BMIS for operating a Ponzi scheme. Had these efforts been made with appropriate follow-up at any time beginning in June 1992 until December 2008, the SEC could have uncovered the Ponzi scheme well before Madoff confessed. The OIG attributes these findings to systematic breakdowns in the manner in which the SEC conducted its examinations and investigation. For this reason, the OIG is issuing under separate cover two audit reports that provide the SEC with specific recommendations for improving how the SEC conducts its enforcement activities. Details: Washington, DC: Office of Investigations, U.S. Securities and Exchange Commission, 2009. Source: Report No. OIG-509: Internet Resource: Accessed February 21, 2012 at Year: 2009 Country: United States URL: Shelf Number: 124222 Keywords: Economics and CrimeFinancial Crimes, Madoff, BernardFraud |
Author: Gregoriou, Greg N. Title: Madoff: A Riot of Red Flags Summary: For more than seventeen years, Bernard Madoff operated what was viewed as one of the most successful investment strategies in the world. This strategy ultimately collapsed in December 2008 in what financial experts are calling one of the most detrimental Ponzi schemes in history. Many large and otherwise sophisticated bankers, hedge funds, and funds of funds have been hit by his alleged fraud. In this paper, we review some of the red flags that any operational due diligence and quantitative analysis should have identified as a concern before investing. We highlight some of the salient operational features common to best-of-breed hedge funds, features that were clearly missing from Madoff’s operations. Details: Nice, France: EDHEC Risk and Asset Management Research Centre, EDHEC Business School, 2009. 24p. Source: Internet Resource: Accessed September 24, 2012 at http://docs.edhec-risk.com/mrk/000000/Press/EDHEC_PP_Madoff_Riot_of_Red_Flags.pdf Year: 2009 Country: United States URL: http://docs.edhec-risk.com/mrk/000000/Press/EDHEC_PP_Madoff_Riot_of_Red_Flags.pdf Shelf Number: 126415 Keywords: Financial Crimes, Madoff, BernardFraudWhite Collar Crime |