by Gabriel Chen

THE short answer is, yes, a Madoff mega scandal could happen in the fund management industry here, but strict oversight minimises risk, say industry watchers.

Yet, while safeguards can be tight and regulators vigilant, the unthinkable can still happen when it comes to fraud.

Wall Street money manager Bernard Madoff's business was under the purview of the United States Securities and Exchange Commission - yet the country's top watchdog appeared to have no clue that one of history's greatest Ponzi schemes was under way.

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