Madoff Whistleblower Markopolos Slams SEC in New Book

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    NEWSLETTERS

    Harry Markopolos talks to Nightly about investigating one of the biggest frauds in history. (Published Tuesday, Mar 9, 2010)

    Harry Markopolos, who warned the SEC of Bernard Madoff's Ponzi scheme more than 8 years before his arrest, says some charges have since been made at regulatory agency, but "not enough."

    Speaking to Chuck Scarborough on New York Nightly news Tuesday, Markopolos, who has a new book out called “No One Would Listen,” said the SEC has been too timid in making changes following Madoff's arrest.

    The SEC has become "agressive at shutting down Ponzi schemes," in the wake of the Madoff scandal, he said.  But, "it's the same people, nobody got fired."

    Markopolos, an accountant and math whiz, suspected that Madoff was running a Ponzi scheme beginning in 1999.  He made numerous pleas to the SEC in the following years to investigate Madoff's suspected financial fraud to no avail.  

    His last communication with the agency was just eight months before the scandal surfaced.