Harry Markopolos (not Jewish) of Whitman, Massachusetts Warned SEC about Madoff Ponzi Scheme in 1999

Harry Markopolos will testify before congress, Wednesday, Feb. 4, 2009. Here is his prepared material. [HT Henry, thanks.]

The Times reports that for over a decade Markopolos feared the repercussions of his complaints and testimony.

Nobody listened when independent investigator Harry Markopolos of Whitman, Massachusetts warned the SEC about the Madoff Ponzi Scheme in 1999.

StarTribune reported:
Markopolos waged a remarkable battle to uncover fraud at Madoff's operation, sounding the alarm back in 1999 and continuing with his warnings all through this decade. The government never acted, Madoff continued his ways, and people lost billions.

Markopolos reached his conclusion with the help of mathematicians like Dan diBartolomeo, whose analysis of the Madoff's methods in 1999 helped fuel Markopolos' suspicions....

In 2005, he submitted a report to the SEC saying it was "highly likely" that "Madoff Securities is the world's largest Ponzi scheme." In the report, he says he knew his research could ruin people's careers and asked the SEC be discreet about circulating the report and his name....more
Here is the detailed credible 2005 complaint. The fraud continued....

By the way, Is Harry Markopolos Jewish?

No, we don't think that he is a Jew. Markopolos graduated from Catholic schools: Cathedral Preparatory School in 1974 ("providing a college preparatory, Catholic education for young men to strengthen the Catholic faith"), Loyola College in Maryland in 1981 and Boston College in 1997. [Edited and reposted.]

1 comment:

Anonymous said...

The Markopolos warning to the SEC was extremely detailed and backed up by numerous independent pieces of evidence. Its really worth reading as it pierces all the usual money market reporting fog. The downstream questions must be:
1) What happened inside the SEC?
2) How come the financial reporting press did not ferret out this scam?

In the former case some people definitely need to be held accountable.