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Tuesday, February 03, 2009

Markopolos's Testimony to Congress on Madoff and the SEC

by Calculated Risk on 2/03/2009 06:17:00 PM

Harry Markopolos will testify before Congress tomorrow regarding his many attempts to get the SEC to investigage Madoff.

From the WSJ: Madoff Whistle-Blower Cites 'Abject Failure' by Regulatory Agencies

Harry Markopolos, an independent fraud investigator, said in more than 300 pages of testimony before a House committee that he was repeatedly ignored or given the brush-off by SEC officials.
In the documents provided to the committee, he describes his efforts, which began as early as 1999, like a military intelligence operation. Mr. Markopolos said he and his team of investigators collected "intelligence reports from field" operatives and developed networks of contacts to provide information on Mr. Madoff's operation and the feeder funds that allegedly contributed to the Ponzi scheme.
Here is Markopolos' prepared testimony. Fascinating reading.