Report of Investigation

Office of Inspector General Report of Investigation

Exhibit List

Investigation of Failure of the SEC to Uncover

Bernard Madoff’s Ponzi Scheme

Report No. OIG-509

(1)  Excerpted portions of testimony transcript of Harry Markopolos, Chartered Financial Analyst and Certified Fraud Examiner, taken on February 5, 2009, at 9:42 a.m.

(2)  Excerpted portions of testimony transcript of Alex Sadowski, Assistant General Counsel, Getco LLC, former Branch Chief, Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on February 13, 2009, at 10:15 a.m.

(3)  Excerpted portions of testimony transcript of OCIE Staff Accountant, Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on February 19, 2009, at 2:20 p.m.

(4)  Excerpted portions of testimony transcript of Mavis Kelly, Branch Chief (now Assistant Director), Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on February 23, 2009, at 10:35 a.m.

(5)  Excerpted portions of testimony transcript of Walter Ricciardi, Partner, Paul Weiss Rifkind Wharton & Garrison LLP, former District Administrator, Boston District Office and former Deputy Director, Division of Enforcement, Securities and Exchange Commission, taken on February 26, 2009, at 10:48 a.m.

(6)  Excerpted portions of testimony transcript of Swanson’s former fiancé, taken on March 2, 2009, at 2:45 p.m.

(7)  Excerpted portions of testimony transcript of Jacqueline Wood, Associate, Proskauer Rose LLP, former Staff Attorney Securities and Exchange Commission, taken on March 9, 2009, at 9:40 a.m.

(8)  Excerpted portions of testimony transcript of OCIE Assistant Director, Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on March 13, 2009, at 9:29 a.m.

(9)  Excerpted portions of testimony transcript of Gene Gohlke, Associate Director, Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on March 16, 2009, at 2:03 p.m.

(10)  Excerpted portions of testimony transcript of Matthew Daugherty, Branch Chief (now Senior Special Counsel), Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on March 23, 2009, at 2:06 p.m.

(11)  Excerpted portions of testimony transcript of OCIE Staff Attorney, Office of Compliance Inspections and Examinations (now Staff Attorney, Division of Trading and Markets), Securities and Exchange Commission, taken on March 25, 2009, at 11:02 a.m.

(12)  Excerpted portions of testimony transcript of Dorothy Eschwie, Assistant Regional Director, New York Regional Office, Securities and Exchange Commission, taken on March 26, 2009, at 11:50 a.m.

(13)  Excerpted portions of testimony transcript of Thomas Thanasules, Securities Compliance Examiner (now Staff Accountant), New York Regional Office, Securities and Exchange Commission, taken on March 26, 2009, at 1:32 p.m.

(14)  Excerpted portions of testimony transcript of Michael Kress, Branch Chief, New York Regional Office, Securities and Exchange Commission, taken on March 26, 2009, at 2:04 p.m., excerpted portions of which are at Exhibit 14.

(15)  Excerpted portions of testimony transcript of Neil Chelo, Director of Research, Benchmark Plus Management LLC, taken on March 31, 2009, at 11:45 a.m.

(16)  Excerpted portions of testimony transcript of Frank Casey, President-USA, Fortune Asset Management, taken on March 31, 2009, at 3:06 p.m.

(17)  Excerpted portions of testimony transcript of Grant Ward, Senior Counsel, MetLife Group, former Assistant District Administrator, Boston District Office, Securities and Exchange Commission, taken on March 31, 2009, at 5:10 p.m.

(18)  Excerpted portions of testimony transcript of Edward Manion, Staff Accountant, Boston Regional Office, Securities and Exchange Commission, taken on April 1, 2009, at 1:15 p.m.

(19)  Excerpted portions of testimony transcript of Michael Garrity, Branch Chief (now Assistant Regional Director), Boston Regional Office, Securities and Exchange Commission, taken on April 1, 2009, at 10:30 am and April 2, 2009, at 2:30 p.m.

(20)  Excerpted portions of testimony transcript of Andrew Caverly, former Staff Attorney and Branch Chief (now Assistant Regional Director, Broker-Dealer Inspection Program, Boston Regional Office, Securities and Exchange Commission, taken on April 2, 2009, at 1:15 p.m.

(21)  Excerpted portions of testimony transcript of David Bergers, Assistant District Administrator (now Regional Director), Boston Regional Office, Securities and Exchange Commission, taken on April 2, 2009, at 3:12 p.m.

(22)  Excerpted portions of testimony transcript of Eric Swanson, General Counsel, BATS Trading, former Assistant Director, Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on April 15, 2009, at 9:25 a.m.

(23)  Excerpted portions of testimony transcript of Lori Richards, former Director, Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on April 17, 2009, at 10:05 a.m.

(24)  Excerpted portions of testimony transcript of former OIEA Branch Chief, Office of Investor Education and Advocacy, Securities and Exchange Commission, taken on April 20, 2009, at 2:05 p.m.

(25)  Excerpted portions of testimony transcript of Vance Anthony, Financial Economist, Office of Economic Analysis, Securities and Exchange Commission, taken on April 21, 2009, at 10:10 a.m.

(26)  Excerpted portions of testimony transcript of Stewart Mayhew, Assistant Chief Economist (now Deputy Chief Economist), Office of Economic Analysis, Securities and Exchange Commission, taken on April 21, 2009, at 12:45 p.m.

(27)  Excerpted portions of testimony transcript of Jonathan Sokobin, Deputy Chief Economist, (now Director, Office of Risk Assessment), Securities and Exchange Commission, taken on April 22, 2009, at 3:20 p.m.

(28)  Excerpted portions of testimony transcript of Mark Donohue, Branch Chief and Assistant Director, Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on April 23, 2009, at 10:06 a.m.

(29)  Excerpted portions of testimony transcript of John McCarthy, General Counsel, Getco LLC, former Staff Attorney, Division of Market Regulation, and former Associate Director, Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on April 27, 2009, at 9:45 a.m.

(30)  Excerpted portions of testimony transcript of Juan Marcelino, Shareholder, Greenberg Traurig LLP, former Regional Administrator, Boston Regional Office, Securities and Exchange Commission, taken on April 27, 2009, at 1:30 p.m.

(31)  Excerpted portions of testimony transcript of William Dale, former Assistant Chief Economist, Office of Economic Analysis, Securities and Exchange Commission, taken on April 28, 2009, at 2:43 p.m.

(32)  Excerpted portions of testimony transcript of Leslie Kazon, Assistant Regional Director, Division of Enforcement, New York Regional Office, Securities and Exchange Commission, taken on April 30, 2009, at 11:12 a.m.

(33)  Excerpted portions of testimony transcript of Mark Schonfeld, Litigation Partner, Gibson Dunn & Crutcher, former Senior Counsel, Boston District Office and former Branch Chief, Assistant Director, Associate Director and Regional Director, Northeast Regional Office, Securities and Exchange Commission, taken on April 30, 2009, at 2:55 p.m.

(34)  Excerpted portions of testimony transcript of OIEA Branch Chief, Office of Investor Education and Advocacy, Securities and Exchange Commission, taken on May 1, 2009, at 2:02 p.m.

(35)  Excerpted portions of testimony transcript of Tina Barry, Branch Chief (now Assistant Director), Office of Compliance Inspections & Examinations, Securities and Exchange Commission, taken on May 1, 2009, at 3:29 p.m.

(36)  Excerpted portions of testimony transcript of William Ostrow, Senior Compliance Examiner (now Staff Accountant), New York Regional Office, Securities and Exchange Commission, taken on May 5, 2009, at 9:59 a.m.

(37)  Excerpted portions of testimony transcript of William Ostrow, Senior Compliance Examiner (now Staff Accountant), New York Regional Office, Securities and Exchange Commission, taken on August 19, 2009, at 10:08 a.m.

(38)  Excerpted portions of testimony transcript of John Nee, Assistant Regional Director, New York Regional Office, Securities and Exchange Commission, taken on May 6, 2009, at 10:50 a.m.

(39)  Excerpted portions of testimony transcript of New York Staff Attorney, Securities and Exchange Commission, taken on May 11, 2009, at 11:00 a.m.

(40)  Excerpted portions of testimony transcript of New York Staff Attorney # 2, New York Regional Office, Securities and Exchange Commission, taken on May 11, 2009, at 1:54 p.m.

(41)  Excerpted portions of testimony transcript of Israel Friedman, Staff Attorney (now Branch Chief), New York Regional Office, Securities and Exchange Commission, taken on May 11, 2009, at 12:00 p.m.

(42)  Excerpted portions of testimony transcript of Jason Gettinger, Regional Litigation Counselor, Division of Enforcement, New York Regional Office, Securities and Exchange Commission, taken on May 11, 2009, at 2:35 p.m.

(43)  Excerpted portions of testimony transcript of Linda Thomsen, Partner, Davis Polk & Wardwell, former Director, Division of Enforcement, Securities and Exchange Commission, taken on May 11, 2009, at 2:34 p.m.

(44)  Excerpted portions of testimony transcript of OCIE Examiner, Office of Compliance Inspections and Examinations, (now Staff Accountant/Risk Management Analyst, Division of Trading and Markets), Securities and Exchange Commission, taken on May 11, 2009, at 3:19 p.m.

(45)  Excerpted portions of testimony transcript of Paul Pocress, Staff Accountant, New York Regional Office, Securities and Exchange Commission, taken on May 11, 2009, at 3:31 p.m.

(46)  Excerpted portions of testimony transcript of IM Staff Accountant (now Branch Chief), Division of Investment Management, New York Regional Office, Securities and Exchange Commission, taken on May 11, 2009, at 3:48 p.m.

(47)  Excerpted portions of testimony transcript of Robert Sollazzo, Associate Regional Director, New York Regional Office, Securities and Exchange Commission, taken on May 12, 2009, at 10:35 a.m.

(48)  Excerpted portions of testimony transcript of Peter Lamore, Securities Compliance Examiner (now Staff Accountant), New York Regional Office, Securities and Exchange Commission, taken on May 14, 2009, at 9:25 a.m.

(49)  Excerpted portions of testimony transcript of Peter Lamore, Securities Compliance Examiner (now Staff Accountant), New York Regional Office, Securities and Exchange Commission, taken on August 19, 2009, at 10:30 a.m.

(50)  Excerpted portions of testimony transcript of Stephen Johnson, Staff Accountant (now Branch Chief), Division of Enforcement, New York Regional Office, Securities and Exchange Commission, taken on May 21, 2009, at 10:38 a.m.

(51)  Excerpted portions of testimony transcript of Enforcement Staff Attorney, Division of Enforcement, Securities and Exchange Commission, taken on May 21, 2009, at 11:00 a.m.

(52)  Excerpted portions of testimony transcript of former OCIE Attorney Advisor, Office of Compliance Inspections and Examinations, Securities and Exchange Commission, taken on May 21, 2009, at 2:05 p.m.

(53)  Excerpted portions of testimony transcript of Simona Suh, Staff Attorney (now Branch Chief), Division of Enforcement, New York Regional Office, Securities and Exchange Commission, taken on May 27, 2009, at 9:35 a.m.

(54)  Excerpted portions of testimony transcript of Peter Uhlmann, Chief of Staff to the Chairman (now Senior Advisor, Office of Executive Director), Securities and Exchange Commission, taken on May 28, 2009, at 10:00 a.m.

(55)  Excerpted portions of testimony transcript of Doria Bachenheimer, former Assistant Director, Division of Enforcement, Northeast Regional Office, Securities and Exchange Commission, taken on June 3, 2009, at 12:10 p.m.

(56)  Excerpted portions of testimony transcript of Meaghan Cheung, former Branch Chief, Division of Enforcement, Northeast Regional Office, Securities and Exchange Commission, taken on June 4, 2009, at 10:40 a.m.

(57)  Excerpted portions of testimony transcript of former New York Enforcement Staff Attorney #2, Division of Enforcement, Northeast Regional Office, Securities and Exchange Commission, taken on June 10, 2009, at 1:55 p.m.

(58)  Excerpted portions of testimony transcript of Enforcement Assistant Regional Director, Division of Enforcement, New York Regional Office, Securities and Exchange Commission, taken on June 10, 2009, at 4:20 p.m.

(59)  Excerpted portions of testimony transcript of Susan Tibbs, Director, Market Regulation Department, formerly known as National Association of Securities Dealers (NASD), now known as Financial Industry Regulatory Authority (FINRA), taken on June 19, 2009, at 3:20 p.m.

(60)  Excerpted portions of testimony transcript of Christopher Cox, former Chairman, Securities and Exchange Commission, taken on June 19, 2009, at 3:11 p.m.

(61)  Excerpted portions of testimony transcript of Jordan Materna, Director, Chicago Board Options Exchange, taken on June 22, 2009, at 2:35 p.m.

(62)  Excerpted portions of testimony transcript of Gene DeMaio, Senior Vice President, National Association of Securities Dealers, taken on June 25, 2009, at 2:07 p.m.

(63)  Excerpted portions of testimony transcript of Susan Geigel, Director of Legal and Regulatory Compliance Depository Trust and Clearing Corporation, taken on June 26, 2009, at 11:30 a.m.

(64)  Excerpted portions of testimony transcript of Annette Nazareth, former Commissioner, Securities and Exchange Commission, taken on July 9, 2009, at 10:34 a.m.

(65)  Excerpted portions of testimony transcript of William Donaldson, Chairman, Donaldson Enterprises, former Chairman, Securities and Exchange Commission, taken on July 9, 2009, at 11:03 a.m.

(66)  Excerpted portions of testimony transcript of Office of Internet Enforcement Official, Office of Internet Enforcement, Division of Enforcement, Securities and Exchange Commission, taken on July 30, 2009, at 2:35 p.m.

(67)  Excerpted portions of testimony transcript of Enforcement Senior Counsel, Division of Enforcement, Securities and Exchange Commission, taken on July, 31. 2009, at 10:04 a.m.

(68)  Excerpted portions of testimony transcript of Elisse Walter, Commissioner, Securities and Exchange Commission, taken on August 5, 2009, at 2:33 p.m.

(69)  Excerpted portions of testimony transcript of Unidentified Former SEC Examiner, New York Regional Office, Securities and Exchange Commission, taken on August 5, 2009, at 2:55 p.m.

(70)  Excerpted portions of testimony transcript of Elaine Solomon, former Secretary, Bernard L. Madoff Investment Securities, LLP, taken on August 17, 2009, at 11:08 a.m.

(71)  Excerpted portions of interview transcript of Unidentified Chief Executive Officer (CEO) of Research Firm, unidentified independent hedge fund research and advisory firm, conducted on January 6, 2009.

(72)  Memorandum of Interview of Unidentified Investment Bank Due Diligence Team, unidentified investment bank, conducted on January 6, 2009.

(73)  Excerpted portions of interview transcript of Unidentified Chief Executive Officer (CEO), unidentified fund of funds firm, taken on January 12, 2009, at 11:00 a.m.

(74)  Excerpted portions of interview transcript of Michael Ocrant, Journalist, Institutional Investor, former Managing Editor, MARHedge, conducted on January 12, 2009, at 2:00 p.m.

(75)  Excerpted portions of interview transcript of James Hedges IV, President and Chief Investment Officer, LJH Global Investments, conducted on January 22, 2009.

(76)  Excerpted portions of interview transcript of Laura Goldman, Investment Advisor, LSG Capital, conducted on January 23, 2009.