Madoff SEC Report Ready, but Public Must Wait

Securities and Exchange Commission Inspector General David Kotz has issued his long-awaited report on how the agency missed the Bernard Madoff Ponzi scheme.

In a statement e-mailed to CNBC Monday afternoon, Kotz said the 450-page report is the result of an exhaustive, eight-month investigation.

But it will take a while longer for the public to see it. The report was submitted directly to SEC Chairwoman Mary Schapiro, and under SEC rules, the Commission must vote on whether to release it.

According to sources close to the process, the Justice Department will also likely get a chance to review the report to make certain no information is released that compromises the ongoing criminal investigation of the Madoff fraud.

CNBC has requested the report under the Freedom of Information Act.