Whistleblowers

Scourge of Madoff

Harry Markopolos, the bookish securities fraud investigator whose warnings about Madoff’s fraudulent practices went unheeded for nine years, testified in dramatic fashion before lawmakers yesterday, validating his accusations and exposing massive government oversight failures in the process. His testimony underscored the SEC’s ineptitude and a “very corrupt” Financial Industry Regulatory Authority that purposely turned a blind eye to the Ponzi plot. “I gift-wrapped and delivered the largest Ponzi scheme in history to them, and somehow they couldn't be bothered," he said, referring to the regulatory commission. He also claimed that some of Madoff’s money "came from the Russian mob and the Latin American drug cartels," adding that "If he would have known my name and he knew that we had a team tracking him, I didn't think I was long for this world."