100% the SEC knew that Bernie Madoff was a total complete fraud .
Of course. Because the President of the SEC was married to Bernies Daughter
He literally wasn't even sending Trades to wall street exchanges. Literally No Trading for Bernies Ponzi Scheme the last 25 years of his Fraud
Harry Markopolous blew the whistle and the SEC refused to listen and refused to investigate.
Harry ( forensic auditing accountant) tried to blow the whistle 5 times ! And nobody would Listen.
He wrote a book called " Nobody would Listen"
And they still wouldn't Investigate Bernie Madoff
He was the secret within wall street , the elephant in the room
He offered the biggest commissions for selling of his products world wide to super wealthy, so everyone pushed his products and they knew the returns were better than the stock market. With no risk! They got repeat business and more commissions
So everyone was happy
And
My sister in laws father ran a Bernie like scheme, but with insurance. Everyone thought he was legit until he got too greedy and couldn't pay the claims. But he ran that baby for 15 years.
We had many clients who invested with Bernie , they thought he was legit and made consistently great returns because he had access to insider information. I think he was the head of NASDAQ at one point no? So, they didn't think he was a crook, they just thought he traded off of inside information lol.