The Securities and Exchange Commission did not inspect Bernard Madoff's investment advisory business when he submitted it for oversight two years ago. However, since the alleged transgressions were uncovered, the SEC has been working diligently to complete its investigation. Former agency officials said the SEC tries to review firms every five years and makes an effort to inspect new firms within their first year. "If you look at all we've done, we follow the evidence where it leads and we bring as many cases as we can to protect investors," said SEC Enforcement Director Linda Thomsen.
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