I belive corruption at the SEC reaches all levels, after all the possibility of cashing in is very tempting. They still haven't charged Swanson for his role and I bet they never will.
From The Washington Post: Swanson later married Madoff's niece, and their relationship is now under review by the agency's inspector general, who is examining the SEC's handling of the Madoff case.”
and:
“Madoff boasted at a business roundtable discussion about his close relationship with SEC regulators, saying ‘my niece just married one.’"
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