Here is an interesting related article concerning investigating and non-action.
Can the SEC Be Sued for Failing to Catch Madoff?
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Can the SEC Be Sued for Failing to Catch Madoff? - Yahoo! News
Can the SEC Be Sued for Failing to Catch Madoff?
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Overcoming the sovereign-immunity protection is the biggest hurdle, concurs David Bernfeld, a partner at Bernfeld Dematteo & Bernfeld LLC, who represents about a dozen Madoff victims. However, he believes the inspector general's report offers enough ammunition to prove negligence - which is the bullet needed to pierce the sovereign-immunity defense and make the SEC liable.
Can the SEC Be Sued for Failing to Catch Madoff? - Yahoo! News
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