Fingers pointed at SEC in Madoff affair

The Securities and Exchange Commission (SEC), a leading American regulator, is under fire for failing to spot alleged investment fraud by Bernard Madoff.

Madoff is under investigation after being arrested by the Federal Bureau of Investigation (FBI) on 11 December, following a tip-off from his son. Madoff has been charged with fraud, had all his assets frozen and will appear in court on 19 December.

The alleged fraud, believed to involve some $50 billion, centres on the business advisory unit

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