Grassley Asks SEC IG for Madoff Review Updates

Sen. Charles Grassley (R-Iowa) today asked the inspector general of the Securities and Exchange Commission (SEC) for regular updates on his review of the SEC’s handling of complaints against alleged financier/Ponzi schemer Bernard Madoff.

SEC Chairman Chris Cox today vowed to investigate how the commission handled complaints against Madoff, saying credible information on Madoff had been brought to the SEC on multiple occasions but no formal investigation had been opened.

Grassley sent the following letter today to SEC Inspector General David Kotz, who has been tasked with looking into the SEC’s handling of allegations against Madoff:

December 17, 2008

The Honorable David Kotz
Inspector General
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-2736

Dear Inspector General Kotz:

I understand that you have been asked by Chairman Cox to conduct a comprehensive review of the SEC