Bernard Madoff carried out the largest fraud in US history for

An investigation of United States has found that the country’s top financial regulator, the Securities and the Exchange Commissioner(SEC), fail to uncover the 65 billion dollar fraud carried out by the convicted financier Bernard Madoff over a 16-year period, despite 5 separate investigations in his business dealings.
    The report by the SEC’s expected general David Kotz reads like a catalog of bungled opportunities to catch Bernard Madoff, long before he owned up to the largest fraud in US history. He was investigated five times. SEC staff caught him in lies but failed to follow them up. They rejected offers from whistleblowers to provide additional evidence. Many of the investigators were inexperienced. The scale of the SEC’s incompetence is laid bare by this report.