Statements form Bernie Madoff's victims .
Clearly, Madoff could not have carried out this fraud for more than a decade without the aid of the SEC.
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For ten years Harry Markopolis described in great detail to numerous SEC investigators Madoff's exact fraud.
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A Ponzi scheme is the most basic of all frauds, but the SEC failed to expose Madoff's Ponzi scheme. The SEC's refusal to conduct a proper investigation goes beyond incompetence. The SEC failed to conduct a proper investigation because it is a corrupt organization..
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There are many heart-wrenching stories in this memo to Judge Denny Chin, but here are a few statements regarding the failure of the SEC to perform its duty:
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