Swindled Madoff Investors Sue U.S. Gov't for Ignoring 'Smoking Guns' in Ponzi Scheme - Truckers' Trucking Forum

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Swindled Madoff Investors Sue U.S. Gov't for Ignoring 'Smoking Guns' in Ponzi Scheme

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10.14.2009

Baack

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Swindled Madoff Investors Sue U.S. Gov't for Ignoring 'Smoking Guns' in Ponzi Scheme

Quote:

Investors "lured" by the impressive returns of Bernie Madoff's billion-dollar fraud are pointing the finger at the U.S. government for failing to stop the massive Ponzi scheme, accusing the U.S. Securities and Exchange Commission (SEC) with "serial, gross negligence" in investigating Madoff's investment firm and saying the SEC "botched" opportunities to protect investors from criminal activity.

Citing examples from a scathing internal investigation by the SEC's own inspector general, a lawsuit filed today charges "the SEC was presented with innumerable smoking guns unveiling Madoff's wrongdoing," but "SEC staff failed to follow up and failed to recognize any of them for what they were – the keys to unraveling possibly the largest financial fraud in history."

http://abcnews.go.com/Blotter/Madoff...ory?id=8826716

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