The Securities and Exchange Commission’s director spoke to a Senate committee Tuesday to defend itself against allegations that the agency was neglectful or otherwise misresourceful in the Madoff case, which was marked by a number of failures to detect the large Ponzi scheme.

Bernard Madoff’s Ponzi scheme in mid-December resulted in a the SEC coming under fire as numerous reports of fraudulent behavior had been filed with the Commission in years prior.

The director reported to the Senate commission that limited funding and access to resources prevented the Securities and Exchange Commission from accomplishing their mandate.

“The enforcement division receives hundreds of thousands of tips each year (and) while we appreciate and examine every lead we receive, we simply do not have the resources to investigate them all,” said Director of Enforcement, Linda Thomsen to the Senate Banking Committee.

She avoided questions about the Madoff case citing an ongoing investigation regarding the reports of fraudulent behavior by Madoff made by economist and financial guru Henry Markopolos, going as far as saying some of the conduct in previous investigations may have been criminal, and SEC employees may be subject to charges.

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