Cox: SEC failed for years to act on tips about Madoff

12/17/2008 | Bloomberg ·

Christopher Cox, chairman of the Securities and Exchange Commission, said allegations against Bernard Madoff that were brought to the attention of SEC staff in the past should have led to action by the commission. Authorities allege that Madoff bilked investors of billions of dollars. Cox announced an internal investigation to review the "deeply troubling" revelations.

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