SEC apologises over Madoff

Contrite US Securities and Exchange Commission officials last night apologised for bungling five probes that should have uncovered Bernard Madoff's $65bn fraud, and its internal watchdog told top regulators to be more aggressive in investigating tips. A scathing report issued last week by SEC inspector general David Kotz found that the agency missed numerous red flags, did not properly follow up on leads and dismissed tips and complaints that might have uncovered Madoff's investment sham.