Madoff Sits Down with SEC Top Cop

Bernard L. Madoff sat down to meet with David Kotz, the Inspector General of the SEC yesterday at the Metropolitan Correctional Center in lower Manhattan for a meeting that lasted a little less than three hours according to sources.

Kotz would not confirm the meeting to CBS or what was discussed declining to comment on an ongoing investigation.

Congressman Paul Kanjorski (D-PA) recently sent a letter to Kotz asking when his investigation of the SEC's mishandling of Madoff would be made available.

Kotz says he will deliver three reports on how the SEC failed to uncover Madoff's Ponzi scheme after multiple investigations.

The first report will be comprehensive examining all of the failed SEC investigations into Madoff since 1992 - this report will be released no later than August 31, 2009 according to Kotz's office. Two additional reports will make recommendations as to how the agency can detect these kinds of scams in the future.

Kotz's investigation has been thorough, leading his staff to examine millions of emails and interview more than a hundred witnesses as they attempt to piece together how the agency could have missed the colossal fraud.