• July 19, 2019

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 .

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Jewish Journal Swindler’s List blog. Markopolos later wrote that a few days after that meeting, Garrity called him and said his preliminary investigation revealed serious irregularities in the Madoff operation, and that he would have had inspection teams “tearing the place apart” if Madoff had been based in New England.

Harry Markopolos, the investigator who exposed the Bernie Madoff Ponzi scheme, has uncovered a new fraud. If the state of Massachusetts needs to bail out the plan, it will need to raise money through the bond market.

‘Madoff Whistleblower’ Harry Markopolos Has Uncovered A New Fraud | Zero Hedge

He’s a guy who can’t afford not to be in prison,” he said. He would show harrry at weddings, funerals. A True Financial Thrillerwas published. It would be politically unpopular to let the plan fail, since the blue-collar MBTA workers are unwitting victims of the fraud and incompetence. Views Read Edit View history.

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

Markopolos said it should be about 4. Hafry board had one person with an MBA and a couple of lawyers, who Markopolos said were not experts in investing.


In June —six months before Madoff’s scheme imploded—Markopolos’ team uncovered evidence that Madoff was accepting leveraged money.

And the risk-return ratios had never been seen in human recorded history. Williams of the U. Additionally, Markopolos believed that if Madoff was front-running, he would have to siphon off money from his broker-dealer arm to pay the investors in his hedge fund. What will people do to protect their lifestyles?

Harry Markopolos – Wikipedia

He also added that during it was Meaghan Cheung, the branch chief of the SEC’s New York office, to whom he gave his page report alleging that Madoff was paying old investors with money from fresh recruits. Markopolos questioned the due diligence procedures that led to such poor investments and why those managers had not been fired after achieving such poor results.

He claimed that SEC regulators don’t have nearly enough expertise to understand the various products offered in the modern market—as he put it, the SEC was still “panning by hand”.

The use of unreasonable discount rates is well-known and its impact widely estimated.

During that time, Madoff reported only four losing months — an implausible scenario that Markopolos said could only be achieved by fraud. Department of Defense frauds, in which a “whistleblower” would be compensated. At one point, Fletcher reported months of positive returns without a down month; it later revised this to show 14 down months.

New ,arkopolos Times Co. He remains wary over safety, claiming that Madoff’s clients included Russian mafia and South American drugs cartels. Retrieved February 10, A self-confessed maths geek, he had unravelled the secret of Wall Street’s biggest conman.


The MBTA falls into the category of multi-employer public pension plans, which are among the smaller state-run plans. Markopolos persevered, even though he felt this created a considerable risk to his own safety; he’d found during his European visit that a large number of funds invested with Madoff operated offshore —meaning that the Russian Mafia and Latin-American drug cartels almost certainly had money with Madoff, and might want to silence anyone who threatened the viability of the hedge funds.

They steal our pensions, bankrupt our companies, and destroy thousands of jobs, ruining countless lives. He eventually concluded that there was no legal way for Madoff to deliver his purported returns using the strategies he claimed to use. Automotive industry crisis California budget crisis Housing bubble Housing market correction Subprime mortgage crisis. Markopolos advocates a list of further changes — including moving the agency from Washington to New York, axing lawyers in favour of experienced financiers, improving databases and copying the tax authorities by offering a share of recovered funds to whistleblowers.

He not only feared the power Madoff’s brother, Peter, had in that organization he is a former Vice Chairmanbut also feared that Madoff may have had associations with Russian and South American organized crime. Tea Party protests United States; c. It was nothing more than a Ponzi scheme.

No One Would Listen: Bernie Madoff is running the world’s largest unregistered hedge fund.