Posey Continues to Press SEC for Answers, Accountability in Madoff Debacle

Press Release

In a hearing of the House Financial Services Committee today, Congressman Bill Posey (R-FL) continued to press U.S. Securities & Exchange Commission (SEC) Chairwoman Mary Schapiro for more answers into why the agency failed to act on overwhelming evidence that now convicted investor Bernard Madoff was running history's largest ponzi scheme and why, to this day, no one within the SEC has been held accountable for this massive failure to protect investors.

Posey again emphasized to Chairwoman Schapiro that with regard to the Madoff issue, "Nobody [at the SEC] has even had their wrists slapped -- there are no penalties for making bad calls. We want to see some accountability and that's what this whole thing is about."

A full video of Congressman Posey's line of questioning can be viewed HERE.

For more than a decade and a half, the SEC ignored overwhelming evidence that now convicted investor Bernie Madoff was running a $65 billion ponzi scheme. It wasn't until everything came crashing down that Madoff was turned in, charged and convicted despite evidence that some private investors were suspicious as early as 1991 of Madoff's methods. It's still unclear as to why the SEC didn't move years earlier to investigate Madoff after having all of the evidence handed to them on numerous occasions by investigator Harry Markopolos.

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