You have to remember this: Bernie Madoff helped write the rule book. He knew what it was to be a regulated entity. He ran a regulated broker dealer, a wholesale trading house. So he knew what regulators would look for. And when it came to his Ponzi scheme, he made sure that what they would be looking for was there. So the deceptions were all designed with a regulator or an auditor in mind because he knew what that experience was like.
— New York Times senior financial writer Diana Henriques on Bernie Madoff’s Ponzi scheme.