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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And the risk-return ratios had never been seen in human recorded history.

He approached the securities and exchange commission Harru as early as If problems like this are endemic among multi-employer state pension plans, it will mean higher rates for municipal bonds. Automotive industry crisis California budget crisis Housing bubble Housing market correction Subprime mortgage crisis. When Markopolos heard this, he was convinced beyond all doubt that Madoff’s wealth-management business was a Ponzi scheme.

Views Read Edit View history. They were off the charts. He’s clearly relishing elements of his new-found notoriety. Madoff gained knowledge of our activities, he may feel threatened enough to seek to stifle us. 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.

Despite this, Markopolos’ bosses at Rampart asked Markopolos to deconstruct Madoff’s strategy to see if he could replicate it. The New York Observer. Now serving mmarkopolos year sentence at a federal prison in North Carolina, Madoff has prompted a searching self-examination and a series of reforms at the Harrg.

Markopolos said in that Galanis bought shares in Penthouse magazine, filed a false 10Q with forged signature, and had caused its auditor, Deloitte, to resign.


He outlined 30 red flags that proved Madoff’s returns could not possibly be legitimate. Retrieved February 3, Even after leaving Rampart infrustrated that he was in a business that had to compete with cheats and law breakers, [17] Markopolos continued to be driven by the intellectual challenge of solving the problem, and the ongoing encouragement from Boston SEC staffer Ed Manion.

He admitted that he had some financial incentive to eliminate Madoff, as the two competed against each other from to By assuming its employees would have shorter lifetimes, it was able to artificially reduce its projected liabilities and underfunded status. As a result of the Madoff scandal, the SEC’s chairman Christopher Cox stated that an investigation will delve into “all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by staff regarding the firm.

A self-confessed maths geek, he had unravelled the secret of Wall Street’s biggest conman.

The man who blew the whistle on Bernard Madoff | Business | The Guardian

And he wastes few words describing his view of Wall Street’s most notorious crook, describing the year-old as “evil”. A violation of the ethics rule took place if the friendship was concurrent with Kotz’s investigation of Madoff. Describing Madoff as “one of the most powerful men on Wall Street,” Markopolos stated that there was “great danger” in investigating him: 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.


With the help of two of his colleagues at Rampart, Casey and fellow quant Neil Chelo, Markopolos continued to probe into the Madoff operation. Retrieved October 15, Markopolos said it should be about 4.

Across all asset classes, it used 71 asset managers. Retrieved February 9, Again and again, he could not simulate Madoff’s returns, using information he had gathered about Madoff’s trades in stocks and options. KPMG should have found the discrepancies.

Bernie Madoff Whistleblower: 3 New Ponzi Schemes Happening | Money

He’s organized this business as [a] hedge fund of funds privately labeling their own hedge funds which Bernie Madoff secretly runs for them using a split-strike conversion strategy getting paid only trading commissions which are not disclosed. The Life and Lies of Bernie Madoff. He discovered evidence over nine years hafry that Bernard Madoff ‘s wealth management business, Bernard L. He believed that his trading tickets would not match the OPRA tape, which would have been hard proof Madoff was a fraud.

Harry Markopolos

Association of Certified Fraud Examiners. It also included an introduction written by a member of his legal team, Gaytri D. According to Markopolos, the best warning about Madoff came during his initial analysis of 87 months a little more than seven years of Madoff trades.

He and his wife Faith, who works in the financial industry for an investment company conducting due diligence of portfolio managers, [4] have three sons.

Galanis, Markopolos said, would look for struggling RIAs.