Mum Execs Suspected Madoff in 2005
By Mary Papenfuss,  Newser User
Posted Feb 15, 2009 5:35 AM CST
Bernard Madoff, accused mastermind of a $50 billion Ponzi scheme, leaves Federal Court in New York last month.   (AP Photo/Stuart Ramson)
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(Newser) – A number of Wall Street executives were convinced Bernard Madoff's investment scheme was a scam as early as four years ago, but never reported their suspicions to anyone but friends and family, according to SEC documents. Concerns by executives from Citigroup and Goldman Sachs are revealed in an extensive dossier of emails and letters filed with the SEC by a fraud investigator who tried to convince the agency to crack down on Madoff for eight years.

Some observers believe the SEC may have been spurred to action against the alleged mastermind of a $50 billion fraud sooner if more people had come forward, reports the New York Post. The executives are willing to provide evidence to the SEC, provided they're not required to speak in an official capacity, according to the SEC filing.