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Wed 12 Dec 2008'Illiteracy' among junior SEC staff facilitated Madoff
FINANCIAL ILLITERACY among junior staff at the US Securities and Exchange Commission (SEC) made it easier for Bernard Madoff to operate his alleged $50 billion (€35.8 billion) fraud undetected, the head of the US's biggest options exchange has warned.
Bill Brodsky, chief executive of the Chicago Board Options Exchange, said the scandal showed that inspector-level staff had not received enough training to enable them sufficiently to check for fraud.
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