SEC watchdog making forward movement on Madoff probe

SEC Inspector General David Kotz said he has interviewed more than 100 witnesses and reviewed "millions" of e-mails and documents in uniting with the enquiry that began in December.

At a Congressional hearing, Kotz said he plans to before long outflow a comprehensive account detailing all examinations and investigations that the SEC conducted of Madoff or Madoff-related entities from 1992 until the present.

The account desire analyze the reasons why the SEC did not uncover the Madoff Ponzi scheme, Kotz said at a House Financial Services subcommittee hearing to enquire illegal trading close by regulation workers.

Kotz has already stated Representative Paul Kanjorski, a elder Democrat on the committee, recommendations to mandate that hedge funds and investment advisers employ an free custodian to continue investments in disjoin accounts mutual funds are required to do.

(Reporting close by Rachelle Younglai, editing close by Matt Daily)