In settling its case against Risher, the SEC imposed upon him a Bar from association with any transfer agent, broker, dealer, investment adviser, municipal securities dealer, municipal advisor, or nationally recognized statistical rating organization.

FORBES: An Ex-Con Con Artist Rips Off $22 Million From Teachers and Retirees

Madoff had registered as an investment adviser, and as such the Securities and Exchange Commission had the authority to oversee his books.

NPR: Extent Of Losses From Madoff Unclear

Three years later, Mr. Wey, again without admitting nor denying wrongdoing, agreed to be censured by the Oklahoma Department of Securities and to not apply to serve as a broker-dealer or investment adviser in that state.

WSJ: FBI Search Offices of 'Reverse Merger' Player