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(From Banking Newslink)
David Kotz, the Securities and Exchange Commission Inspector General published his review into the Madoff fraud. The story is a sorry one of investigations technically started but never followed through. Revealed for the first time was the very detailed reasons a series of people gave for believing the Madoff Fund to be a Ponzi scheme - including details of the twin sets of accounts held by Madoff.
The report states that part of Madoff's sales pitch was the fact that the SEC had investigated and had found everything correct.
Bernard Madoff confessed to Kotz that when he was asked to name who cleared his trades he thought the game …