TWO YEARS AGO?

WTF? Why wasn't anything done? Even if there wasn't a legal obligation to report these results to the SEC, wasn't there a moral one?

The NY Times reports that one of the funds interested in Madoff's Great Ponzi Scheme had someone evaluate the returns. Here's the story:

Michael Markov, a hedge fund consultant, said that he was hired by a fund two years ago to look into Fairfield Sentry’s returns and found that it was “statistically impossible to replicate them,” he said.

Mr. Markov said that he found only one hedge fund whose returns correlated to Mr. Madoff’s. That was the Bayou fund, which was prosecuted by the government for fraud in 2006.