Managers SEC formally apologized for its failure to Madoff

Officials of the Securities and Exchange (SEC) formally apologized for the five outcomes of their audits of the fund Bernard Madoff (Bernard Madoff), who were not able to identify fraudulent component of its operations, which led to investors losing $ 65 billion, reports Reuters.

SEC Chief Inspector David Kotz (David Kotz) last week published a report saying that since June 1992, the Commission has received 6 complaints about specific dark rogue operations, but "a thorough and competent investigation never took place."

At a hearing in the U.S. Congress on the investigation into the failure of the SEC leaders of the Commission admitted that they failed the agency as their main task to ensure the protection of investors. "This is a sobering experience for us," - said in a joint statement by two directors SEC - Robert Kuzami (Robert Khuzami) and John Walsh (John Walsh).

"We deeply regret our inability to detect fraud Madoff and pledge to continue to address the problems that made it possible to commit such a monstrous error", - emphasized the head of SEC.

As a result of fraud, which lasted 16 years, Madoff managed to create a vast financial pyramid, which disappeared in the depths of the savings of thousands of Americans, including Hollywood celebrities, athletes and prominent businessmen. Their investments had lost large hedge funds, international banks and charities around the world. Madoff was sentenced by a U.S. court to 150 years in prison.

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