One of the "key participants" at the U.S. Securities and Exchange Commission who investigated Bernie Madoff in 2005 and 2006 - and entirely missed the fact that he was running a $50 billion Ponzi scheme - was rewarded with a cash bonus for later Madoff work, the SEC's inspector general found in a report released Aug. 2.
The unnamed employee was nominated for a bonus in September 2009, shortly after Inspector General H. David Kotz released a massive report detailing the SEC’s failure to catch Madoff. That report flagged the employee — and the assistant regional director who nominated the employee for the award, also unnamed in the report — for “numerous performance issues” and potential disciplinary action.
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