SEC Inspector General, August 2009: despite numerous credible and detailed complaints over 16 years, the SEC never properly examined Bernard Madoff's trading or took basic steps to find out if he was running a Ponzi scheme.
By mid-December 2008, the SEC learned that credible and specific allegations regarding Madoff's financial wrongdoing were repeatedly brought to the attention of SEC staff, but were never recommended to the Commission for action.
p. 1 (Introduction)
SEC Inspector General, August 2009: despite numerous credible and detailed complaints over 16 years, the SEC never properly examined Bernard Madoff's trading or took basic steps to find out if he was running a Ponzi scheme.