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SEC Office of Investigations Investigation of the SEC to Uncover Madoff Ponzi Scheme

SEC Office of Investigations Investigation of the SEC to Uncover Madoff Ponzi Scheme

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Published by bergmanj5094
Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme - Public Version -
Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme - Public Version -

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Published by: bergmanj5094 on Sep 05, 2009
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10/20/2011

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U.S. Securities and Exchange Commission
Office of Investigations
Investigation of Failure
of the SEC to Uncover
Bernard Madoff’s Ponzi Scheme
- Public Version -
August 31, 2009Report No. OIG-509
 
 
Report of Investigation
Case No. OIG-509
- Public Version -
Table of Contents
Page
Introduction....................................................................................................................1
I.
Document Preservation and Meetings with
Senior-Level Officials....................................................................................3
IV.
Document and Information Requests to
V.
Retention of Expert in Analyzing Examination
A.
Customers Complained about Avellino & Bienes’
B.
SEC Contacted Avellino and Suspected that Avellino &
Bienes Was Selling Unregistered Securities and Running
C.
Counsel for Avellino & Bienes Contacted the SEC and
D.
The SEC Conducted a Brief, Limited Cause Examination of 
1.
The Examination was Conducted by a Relatively
i
 
 
2.
A Net Capital Review was Performed and the SEC
Examiners Sought DTC Records From Madoff,
3.
The Examiners Never Looked into Where the Money That
Was Used to Pay Back Avellino & Bienes’ Investors
E.
The SEC Filed a Complaint against Avellino & Bienes for
Selling Unregistered Securities, But the Complaint Did
Not Allege Fraud and Did Not Assert Any Claims Against
F.
The Trustee Retained Price Waterhouse to Conduct an
Audit of Avellino & Bienes’ Financial Statements and
G.
Price Waterhouse Experienced Great Difficulties in
Conducting its Audit of Avellino & Bienes’ Financial
Statements and a Request was made to the Presiding
H.
After the Request for Additional Time was Denied, Price
Waterhouse Issued its Report But was Unable to Render an
I.
The SEC Conducted Limited Discovery About Madoff 
But Avellino & Bienes Objected Aggressively and it is
J.
A Final Judgment of Permanent Injunction was Entered on
Consent Against the Defendants, Penalties were Assessed
II.
SEC REVIEW OF 2000 AND 2001 MARKOPOLOS
A.
Markopolos Approached the SEC’s Boston Office in May
2000 with Evidence that Madoff was Operating a Ponzi
2.
Markopolos Met with Grant Ward, a Senior SEC
4.
Ward’s Testimony Regarding the 2000 Submission
is Suspect .....................................................................................65
ii

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