SEC Staff Failed To Probe Madoff: Cox

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Washington (AP) Staff at the Securities And Exchange Commission failed many times over a decade to fully investigate credible allegations of wrongdoing by money manager Bernard Madoff.

That from the head of the SEC, who calls it a serious agency breakdown.

SEC chairman Christopher Cox says he is “gravely concerned by the apparent multiple failures” by staff to look into claims about Madoff’s business and to seek formal authority to investigate.

Madoff was charged with fraud last week in what is being called one of the biggest ponzi schemes on record, with investors possibly losing more than $50 billion.

Cox says he’s asked the SEC’s inspector general to conduct a full review of the agency’s handling of the Madoff case.

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