WASHINGTON: A multibillion-dollar pyramid scheme allegedly spawned by disgraced investor Bernard Madoff is being probed by a Senate panel that will, for the first time, question federal regulators responsible for inspecting investment firms and enforcing action against violations.
The Securities and Exchange Commission has faced heavy criticism over its failure to discover the US$50 billion Ponzi scheme allegedly run by Madoff, the prominent Wall Street figure and money manager now fallen into disgrace, despite credible allegations against him being brought to the agency over the course of a decade.
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