Madoff scandal prompts SEC to set up financial fraud taskforce

The US Securities and Exchange Commission (SEC) will set up five specialised units to detect financial criminals more efficiently, following criticisms its examiners are not equipped to deal with complex financial cases.

Earlier this year, the regulator was accused of institutional incompetence after failing to expose the $50 billion Bernard Madoff Ponzi scam despite repeated tip-offs. In February, the US Congress House Committee on Financial Services was told by fraud examiner Harry Markopolos

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