Washington (AP) Money manager Bernard Madoff, who's accused of duping investors in one of wall street's biggest ponzi schemes, once boasted to the Securities and Exchange Commission about how much money he'd earned. And he'd formally advised the U.S. Government on ways to protect investors from scam artists.
Now Madoff stands accused of being one.
The Washington post reports financial analysts raised concerns about his practices repeatedly in the past decade, including one letter to the sec as early as 1999 that accused him of running a ponzi scheme. The report says the agency didn't conduct even a routine probe of the investment business until last week.
The SEC's enforcement director says the government is working with federal prosecutors and the FBI to understand the case, to preserve assets when possible and to bring those responsible to account.
Financial times editor Lionel Barber says a lot of big companies and major banks are exposed in the alleged investment fraud.
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