SEC & Madoff's Ponzi Scheme

The U.S. Securities and Exchange Commission has release Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme - Public Version. A 22 page executive summary is also available. The SEC admits:

As the foregoing demonstrates, despite numerous credible and detailed complaints, the SEC never properly examined or investigated Madofi's trading and never took the necessary, but basic, steps to determine if Madoff was operating a Ponzi scheme. Had these efforts been made with appropriate follow-up at any time beginning in June of 1992 until December 2008, the SEC could have uncovered the Ponzi scheme well before Madoff confessed.