I recently read the Bernie Madoff case study and saw the film "the wizard of lies". I just have some questions that I can't seem to find proper reason for. like:

1. What were the rules implemented by Bernie Madoff in SEC, what was his exact role?

2.Why did SEC was not able to find what he was doing?

3.When we say Ponzi scheme what kind plot was it?

4.Who do we blame for the act which  his wife, kids, or the Government Organizations which were not able to unfold this scheme,  where there other politicians involved? Like top 5 people to blame.

5.How does it tie altogether.