WASHINGTON AP – The Securities and Exchange Commission’s watchdog has recommended “employee-by-employee” action to ensure the agency fixes the breakdowns that allowed Bernard Madoff’s colossal fraud to go undetected for years.
The question of whether SEC employees will individually be held accountable for the agency’s embarrassing failure to detect the multibillion-dollar Ponzi scheme that Madoff ran for more than a decade emerged at a hearing Thursday by the Senate Banking Committee.