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U.S. Securities and Exchange Commission

Statement by SEC Chairman:
Statement on the Inspector General's Report Regarding the Bernard Madoff Fraud


Chairman Mary L. Schapiro

U.S. Securities and Exchange Commission

Washington, D.C.
September 4, 2009

Today we are releasing the Inspector General's 450-page report regarding the Bernard Madoff fraud and the many missed opportunities to discover it.

As I stated earlier this week, it is a failure that we continue to regret, and one that has led us to reform in many ways how we regulate markets and protect investors.

In the coming weeks we will continue to closely review the full report and learn every lesson we can to help build upon the many reforms we have already put into place since January.

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A list of the SEC's many reforms undertaken is available at

The Inspector General's report is available at

SEC Chairman Schapiro's September 2 statement is available at


Modified: 09/04/2009