Madoff scandal: SEC employees disciplined for misconduct
Disgraced Wall Street financier Bernard Madoff (C) arrives at a US Federal Court on March 12, 2009 in New York.
The US Securities and Exchange Commission disciplined eight of its employees Friday for not stopping Bernard Madoff's multibillion-dollar Ponzi Scheme after repeated red flags, reported the Washington Post. None of them were dismissed, though a ninth employee resigned before disciplinary actions were issued.
The employees faced a range of punishments, including suspensions, pay downgrades, demotions and reprimands, according to USA Today.
The Wall Street Journal reported that a 2009 report by the SEC's internal watchdog called into question 21 of the agency's employees for their work with Mr. Madoff despite numerous whistleblowers who warned of Madoff's scheme.
More from GlobalPost: Madoff remorseful for hurting family
According to NPR, SEC spokesman John Nester said the most severe punishment was a 30-day suspension with a pay downgrade and demotion, given to an employee who an outside law firm, Fortney & Scott, suggested be fired. Nester continued:
[The SEC considered] all factors relevant to the imposition of discipline, including the employees' performance before and since the Madoff events.
None of the names of the employees were released.
Madoff is currently serving a 150-year prison sentence, and swindled more than $50 billion from his victims, MSNBC reported.
More from GlobalPost: Madoff suicide pact: Wife says she and Bernard took pills
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