Are There More Madoffs Still Out There?

Nobody knows the answer to that chilling question. Although it seems highly unlikely that there is another ongoing Ponzi scheme of comparable size, smaller investment frauds are revealed all the time. In the years since Madoff was unmasked, at least a half dozen other Ponzi schemes have come to light.

The SEC says that it has learned from the terrible mistakes it made during the Madoff affair -- namely, missing the whole thing even as a whistleblower spelled out what Madoff was doing in detail -- that agency still doesn't have nearly the resources it needs to properly police large corporations, much less smaller brokerages.

None of this is very reassuring. The best protection for investors is to put their money in the most well-established institutions they can find.

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