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Securities & Exchange Commission has completed its informal inquiry into the company’s historical stock option granting practices and would recommend no enforcement action against the company. companies have either been the subject of an SEC probe or have launched internal investigations to determine if options grants were retroactively priced on days when a stock was low, maximizing gains for employees.Ask Questions" brochure in Spanish That's the best advice we can give you about how to invest wisely.Victims of the alleged scheme include some of the world's biggest banks, as well as hundreds of private investors.Mounting criticism The SEC has been under pressure for not detecting the alleged "Ponzi scheme" earlier.Mr Madoff, who was arrested on Thursday, ran a fund that paid annual interest of about 10% but prosecutors say it was, in effect, similar to a pyramid scheme, with money from new investors paying off old ones.The long-time Wall Street executive, 70, is due to appear in court shortly for a hearing on his m bail bond.We see too many investors who might have avoided trouble and losses if they had asked basic questions from the start.
It has been revealed the SEC received warnings about Wall St figure Bernard Madoff almost 10 years ago, in 1999.
Steven Bell of GLC fund managers said: "Apparently people reported these concerns to the SEC, they highlighted them." "It's almost like someone saying 'my next-door neighbour's a burglar, go and have a check' and they didn't, apparently," he added.
Dominique Strauss-Kahn, director general of the International Monetary Fund, also expressed shock that US regulators had failed to identify and prevent the alleged fraud.
'Credible and specific' The SEC chairman said he was "gravely concerned by the apparent multiple failures" of SEC staff to look into claims about Mr Madoff.
Mr Cox said: "Credible and specific allegations regarding Mr Madoff's financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of SEC staff, but were never recommended to the commission for action." This meant staff had to rely on data voluntarily produced by Mr Madoff's firm, rather than use a subpoena to obtain information, he said.
Charities appear also to have suffered such as the New York-based JEHT foundation, which said it was freezing all its grants and would shut by the end of January, and film director Stephen Spielberg's Wunderkinder Foundation charity.