HARRY MARKOPOLOS TESTIMONY PDF

Members of the House Financial Services subcommittee hailed Markopolos but excoriated five SEC officials who declined to answer specific questions about the Madoff case, citing ongoing investigations. Gary Ackerman, Markopolos said he knows the names of a dozen so-called feeder funds that helped Madoff raise money from pension funds and wealthy investors and that he would turn these over to regulators this week. Markopolos, now a fraud investigator, said Madoff could not have acted alone, citing accountants and people helping convey money to his scheme. Madoff was arrested after his sons went to authorities saying their father had confessed to them.

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Members of the House Financial Services subcommittee hailed Markopolos but excoriated five SEC officials who declined to answer specific questions about the Madoff case, citing ongoing investigations. Gary Ackerman, Markopolos said he knows the names of a dozen so-called feeder funds that helped Madoff raise money from pension funds and wealthy investors and that he would turn these over to regulators this week.

Markopolos, now a fraud investigator, said Madoff could not have acted alone, citing accountants and people helping convey money to his scheme. Madoff was arrested after his sons went to authorities saying their father had confessed to them. Madoff, I think it was you.

Cheung, Markopolos said, was arrogant, never grasped the concepts in his report or asked him any questions. Cheung left the SEC in fall of The SEC division heads told the panel that the agency was considering a number of changes in light of the Madoff case, including how frequently investment advisers are examined. Thomsen, who appeared visibly shaken during the hearing, responded to charges that her enforcement division had too many lawyers.

Spencer Bachus, of Alabama, was the only lawmaker who praised the agency. Slideshow 6 Images Kanjorski said he was going to introduce legislation that would give the Public Company Accounting Oversight Board, the authority to examine the auditors of broker-dealers.

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Finally, after nine years, they listened to Harry Markopolos. Ed Royce, R-Calif. And for that we want to express our appreciation. He quickly discovered Madoff was running an old-fashioned Ponzi scheme.

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From to , he served as a portfolio manager at Boston -based options trading company Rampart Investment Management , ultimately becoming its chief investment officer. According to Markopolos, anyone who understood the underlying math of the markets would have known they were too volatile for this to be possible even in the most favorable conditions. He eventually concluded that Madoff could not mathematically deliver his purported returns using the strategies he claimed to use. He claimed it took him another four hours to uncover enough evidence that he could mathematically prove that they could have been obtained only by fraud. What they found concerned him enough that he filed a formal complaint with the Boston office of the SEC during the spring of However, the SEC took no action. By then, Markopolos was convinced that Madoff was not really trading.

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