Federal judge dismisses Madoff investors’ lawsuit against SEC

According to IA Watch, U.S. District Court Judge Laura Swain dismissed a lawsuit from two former investors harmed by Bernie Madoff’s Ponzi scheme against the SEC claiming gross negligence for not uncovering the fraud.

According to Judge Swain, “That the conduct in question defied common sense and reeked of incompetency does not indicate that any formal, specific, mandatory policy was ‘likely’ violated.”

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