Bernard Madoff's Ponzi fund would have been uncovered a lot earlier if the US Securities and Exchange Commission (SEC) had looked in the right places.
In an interview with SEC inspector general H David Kotz, Madoff revealed that he expected his fraud to be uncovered on numerous occasions, but investigators often made basic mistakes.
He explained that during one inspection in 2006, examiners spent most of their time looking through emails and did not try and verify his trades with the Depository Trust and Clearing Corp, the body that settles market transactions.
According to Madoff, had they done so the fraud would have quickly been discovered.
Madoff believes that investigators simply did not consider the possibility he was running a Ponzi fund.
Meanwhile, David Friehling, Madoff's accountant, is set to plead guilty to criminal charges relating to the fraud when he appears in court later this week.
Show me Project Accountant jobs.
