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

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Every sector of the financial services industry failed during both scandals and, unbelievably, it turned out no one was doing the job they said they were doing. Tragically, the financial services industry is its own worst enemy, driven by foolish fads destined to end in disaster as bad money and loosening credit standards drive out good money and sound lending standards.

Large financial institutions are not much different than lemmings in search of the next cliff to jump off of. Big frauds are glaringly easy to spot if you simply ask "does this make any sense? Banks, investment banks, hedge funds, pension funds, endowments, and regulators of all stripes failed to exhibit even a modicum of professional skepticism.

Big 4, regional, and local accounting firms also failed to exhibit professional skepticism despite numerous red flags and unintelligible account statements. How did Madoff game the SEC exam and enforcement teams? How did the complicit feeder funds game their own audits? Where were the accountants at the so-called independent third party administrators?

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Bernie Madoff Sleuth Harry Markopolos Warns of 3 New Ponzi Scams

The famed Madoff whistleblower could make millions after publishing a report accusing GE of fraud Aug. Ghanbari Age: 62 Family: Markopolos is married to Faith Markopolos, who also works in the financial industry. They have three sons. Career: Markopolos started his career on Wall Street as a broker with Makefield Securities, a small brokerage based in Eerie, Pennsylvania. Today, he works as a forensic accounting analyst for attorneys suing companies under the False Claims Act.


Harry Markopolos


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