It struck many as unimaginable how such a fraud could occur in an environment so
carefully controlled by regulations and supervised by different institutions. The
uncovering of the scheme rose questions on how this could go undetected for such a
long time, and what could be done to avoid similar situations in the future. This report
gives an insight on how the Madoff fraud was carried out, how it could go unnoticed
for so long and if similar frauds could be prevented in the future.