The US Securities and Exchange Commission on Monday launched its first action against the big “feeders’’ that channelled billions of dollars to Bernard Madoff, accusing a New York broker dealer and four individuals of enabling his Ponzi scheme to continue for decades.

In a civil complaint, the SEC alleged that Cohmad Securities Corporation, a registered broker dealer, and three of its top employees, ignored and even participated in suspicious practices indicating fraud as they brought investors to Mr Madoff in exchange for hundreds of millions of dollars in fees.