Book Harry Markopolos to speak at your next event. Contact APB Speakers for bio, videos, topics, and to inquire about speaking fees and availability. Harry Markopolos, the investigator who exposed the Bernie Madoff Ponzi scheme, has uncovered a new fraud. The unfunded status of the. Timeline of Harry Markopolos’ Investigation of Madoff Investment Scheme. Nov Frank Casey, colleague at Rampart. Inv. Mgmt., “discovers” BM*. Nov .

Author: Kagakasa Brasida
Country: Trinidad & Tobago
Language: English (Spanish)
Genre: Video
Published (Last): 3 December 2007
Pages: 38
PDF File Size: 1.83 Mb
ePub File Size: 7.42 Mb
ISBN: 407-9-93185-230-4
Downloads: 80818
Price: Free* [*Free Regsitration Required]
Uploader: Samur

Markopolos noted that during his tenure at Rampart, he traded with some hafry the biggest derivatives companies in the world, and none of them dealt with Madoff because they didn’t think his numbers were real.

There was an abject failure by the regulatory agencies we entrust as our watchdog,” he explained in 65 pages of prepared testimony. He contacted politicians and badgered journalists to write about Madoff, succeeding in getting a couple of business magazines to publish sceptical stories.

It was nothing more than a Ponzi scheme.

The man who blew the whistle on Bernard Madoff | Business | The Guardian

New York Times Co. The MBTA falls into the category of multi-employer public pension plans, which are among the smaller state-run plans. He would show up at weddings, funerals. Markopolos later said that he knew within five minutes that Madoff’s numbers didn’t add up.

Madoff gained knowledge of our activities, he may feel threatened enough to seek to stifle us. He now works markopplos a forensic accounting analyst for attorneys who sue companies under the False Claims Act and other laws, emphasizing tips that result in continuing investigations into medical billing, Internal Revenue Servicemarkopoloss U. What they found concerned him enough that he filed a formal complaint with the Boston office of the SEC during the spring of Markopolos warned that fraudulent schemes to buy struggling RIAs are ongoing.


The more troubling problems uncovered by Markopolos are driven by other factors, such as poor due diligence on its investments, overstating of returns, overstating of asset values and faulty life-expectancy estimates. By assuming its employees would have shorter lifetimes, it was able to artificially reduce its projected liabilities and underfunded status. He approached the securities and exchange commission SEC as early as These problems appear to be driven by a pension board that, at best, was unable or unwilling to scrutinize its investments or, at worst, willingly investing its assets with known criminals and past employees.

They knew something was wrong with Madoff and they stayed markopoloss from him,” says Markopolos, who compares the fraudster’s lack of subtlety to somebody running through Times Square stark naked in the middle of a summer’s day.

No One Would Listen: But Markopolos was shouting the same thing for years — not just once, but continually.

Harry Markopolos

Views Read Edit View history. Some, Markopolos thinks, knew that Madoff was dubious but believed he was “front-running” by using advance knowledge of clients’ trades from his stockbroking business to insider trade his hagry to success.


It took him another four hours to mathematically prove that they could have only been obtained by fraud. A True Financial Thrillerwas published. He has a sister, Melissa. Authored by Robert Huebscher harty Advisor Perspectives. A True Financial Thrillerwas published in To Markopolos’ mind, no one could possibly be that good given the volatility of the markets.

Subsequently, she left the agency. He began his career on Wall Street in as a broker with Makefield Securities, a small Erie-based brokerage which was owned by the late Barry Carter Hixon. The Wall Street Journal, which markpoolos nothing with Markopolos’s dossier on Madoff for two years, recently patronised him as “a little bit nuts”. Bernie Madoff is running the world’s largest unregistered hedge fund.

Capitol Police Inspector General”.

Madoff Whistleblower Warns of 3 New Ponzi Schemes, 1 Bigger than Bernie’s

Markopolos said it should be about 4. Kennedy Library in Boston. He outlined 30 red flags that proved Madoff’s returns could not possibly be legitimate. Wall Street Journal Online.

Automotive industry crisis California budget crisis Housing bubble Housing market correction Subprime mortgage crisis. But Markopolos stresses that he wasn’t the only person who was suspicious.