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Publication: Financial Adviser
Publication Date: 01-OCT-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Byline: Erin Arvedlund

The chronicles leading up to Bernard Madoff's arrest make for a riveting read

The inspector general's report is in, and the news is bad: the Securities & Exchange Commission had a chance as far back as 1992 to catch billion-dollar swindler Bernard Madoff.

But the inspector general - the watchdog over the watchdog, if you will - found the SEC failed to check with independent third-party sources to unmask Madoff more than 15 years before he confessed.

In the US, Wall Street firms maintain something called the Depository Trust & Clearing Corporation where all trades are recorded. It is a kind of bank vault and library for the industry. It is the world's largest securities depository and clearing house for trading settlement. For the legitimate broker-dealer side of his business, Madoff maintained an account at DTC -...

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