Harry Markopolos is an investor in Massachusetts who tried to alert the government of an alleged Ponzi Scheme by Bernard Madoff, president of the investment advisory firm Bernard L. Madoff Investment Securities, 9 years before Madoff was arrested and charged with security fraud in December 2008.Journal Inquirer: Massachusetts investor saw inside Madoff scam (December 19, 2008)
Markopolis submitted a prepared testimony to be presented to the House Financial Services Committee on February 4, 2009. The testimony expressed rage towards the SEC for not heeding previous warnings of Madoff's scandalous actions.FOX Business: Madoff Outrage: Whistleblower Testimony Rips SEC (Febraury 3, 2009)
Investigation of Madoff
Markopolos began looking into the Bernard L. Madoff Investment Securities finances when working at the Rampart Investment Management Co. He was researching the company for business strategy purposes and contacted mathematicians to analyze the company's numbers. The mathematicians said the numbers didn't add up. Their profits seemed to be indifferent to changes in the market - they never lost money. Madoff then tried to alert the government and SEC about an alleged Ponzi Scheme at the company several times.Journal Inquirer: Massachusetts investor saw inside Madoff scam (December 19, 2008)Madoff later started a fraud investigation practice because was "sick of Wall Street".New York Daily News: SEC doing what whistleblower asked, 9 years too late
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Submitted a report to SEC in 2005, warning that the company was involved in a Ponzi SchemeJournal Inquirer: Massachusetts investor saw inside Madoff scam (December 19, 2008)
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Introduced prepared testimony to House Financial Services Committee on February 4, 2009FOX Business: Madoff Outrage: Whistleblower Testimony Rips SEC (Febraury 3, 2009)
