Review and Analysis of OCIE Examinations of Bernard L. Madoff Investment Securities, LLC (PDF; 5 MB)
Source: U.S. Securities and Exchange Commission, Office of Inspector General

The FTI Engagement Team found that OCIE examiners made critical mistakes in nearly every aspect of their examinations of Madoff and BMIS and missed significant opportunities to uncover Madoff’s Ponzi scheme. The FTI Engagement Team concluded that OCIE examiners did not properly plan or conduct their examinations of Madoff, and because of these failures, were unable to discover Madoff’s fraud.

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