If the SEC missed Bernie Madoff, they are possible of missing anything. They had Madoff delivered to them on a silver platter and it still took ten years to uncover the biggest scam in the U.S.
Did you see where the S.E.C. took almost 8 years to end the civil investigation of Jeff Turino/John Edwards/Urban Casavant before finally signing off and allowing the D.O.J. to proceed with RICO charges?