Convicted Ponzi peddler Bernard Madoff thought the best way to avoid detection from regulators was to join their elite ranks. Madoff served as vice chairman and a member of the board for the current day Financial Industry Regulatory Authority and his position gave him cover for a billion-dollar fraud that remained undetected in spite of many red flags. He made friends with senior regulators and leveraged the relationships to intimidate underlings. A board position is a powerful seat in any organization, but at Finra it is a throne complete with a halo. Usually, the board and executives march in lock step and there is an implicit protection. Read more on Forbes here.
