I don’t feel sorry for most of Madoff’s “victims”. Most of them were very rich, greedy, and tax evaders. He destroyed some families, though. Interestingly enough, a whistle-blower gave informations to the SEC already in 2000 (and again in 2001, 2005 and 2007), and more and more investment experts told the SEC that it was for sure a Ponzi scheme, because Madoff wasn’t even trading much. But the SEC wouldn’t react. Also the press didn’t want to write a thing about it. Experts and even Madoff himself said, that it was very easy to see what he was doing and easy to prove it. Wall street firms didn’t invest in his scheme, because they all knew, but both SEC’s Boston office, New York office, and the Central Bank of Ireland failed to do even the most basic checks, and they continued to do nothing after having been informed by multiple market players for years. Only when the Ponzi scheme collapsed, everything came out.