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Why did the sec not uncover the scheme sooner

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Reference no: EM132801325

Why did the SEC not uncover the scheme sooner since multiple reports came in regarding suspicions of a Ponzi scheme? Madoff was well known and respected in the financial industry and had advised the SEC on trading securities. Were the reports not taken seriously since he was a trusted ally? (www.businessinsider.com/how-bernie-madoffs-ponzi-scheme-worked-2014-7)

Reference no: EM132801325

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