No proof of SEC staff wrongdoing in Madoff case: Cox

WASHINGTON (Reuters) - The chairman of the U.S. Securities and Exchange Commission said on Wednesday there was no evidence SEC staff did anything wrong as the agency seeks to figure out why it missed warnings that Bernard Madoff's investment firm was allegedly a massive fraud.

Amid accusations it failed to act on crucial tips that may have uncovered the alleged fraud earlier, Chairman Christopher Cox asked the SEC's internal watchdog to investigate the agency's conduct.

But Cox made it clear on Wednesday that there was no proof SEC staff acted improperly.

"I want to emphasize that there is no evidence that anyone is aware of at this point that any personnel did anything wrong," Cox told reporters after an agency meeting.

Late on Tuesday, Cox said he was asking the SEC's inspector general to review past allegations and the reasons they were not found credible. He also directed the inspector general to include all staff contact and relationships with the Madoff family and firm.

Madoff has been accused of orchestrating a $50 billion Ponzi scheme, where early investors are paid off with money from later investors.

"I was very concerned to learn this week that credible allegations about Madoff had been made over nearly a decade and yet never referred to commission for action," Cox said on Wednesday. "We want to learn whether there are any systemic reasons that such information would not have given law enforcement a better opportunity ..."

(Reporting by Rachelle Younglai, Karey Wutkowski; and Andre Grenon)