As Bernie Madoff begins his 150 year prison sentence, victims are now looking to lay blame at the door of the SEC (Securities and Exchange Commission) according to reports from Bloomberg.com
Whilst initial responses to the sentencing appear satisfactory, Madoff himself is 71 making a prison sentence of that length somewhat excessive other than to make a point.
It would seem many victims feel the US regulators should have had systems, either manual or technical in place to spot one of the largest ever Ponzi schemes, the penalty issued being 6 times that of the sentences issued to former Enron executives.
Quite how much change in regulation will happen and when remains to be seen. With new investment frauds coming to light as the economy hardens, it would seem there is no question that regulations will need to be tightened on a global scale.
