U.S. Regulators Defend Actions Amid Madoff Scandal

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WASHINGTON (Reuters) - Top U.S. regulators defended their oversight of securities markets and said on Tuesday [Jan. 27] they had probed accused swindler Bernard Madoff's brokerage firm in the past, but found no evidence of a massive fraud.

The Securities and Exchange Commission is being heavily criticized for not thoroughly following up on tips from one of Mr. Madoff's competitors and missing red flags such as Mr. Madoff's ability to generate steady returns in all types of market environments.

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U.S. Regulators Defend Actions Amid Madoff Scandal

The industry-funded Financial Industry Regulatory Authority has also been tainted by the Madoff scandal, as its main mission is to supervise nearly 5,000 U.S. brokerages.

At a c...

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