Tuesday, December 23, 2008

"In 2005, a Boston investment adviser and derivatives expert, Harry Markopolos submitted a nineteen-page report, anonymously, to the SEC saying it was “highly likely” that Madoff Securities was “the world's largest Ponzi Scheme.” Markopolos reminded the SEC that he had first brought the Madoff matter to the attention of their Boston field office in 1999, during the Clinton Administration, but no action was taken. In his report he recommended discretion, suggesting that he knew his research could ruin people's careers. He asked the SEC to be discreet about circulating the report, saying, “I am worried about the personal safety of myself and my family. Under no circumstances is this report or its contents to be shared with any other regulatory body without my express permission.”

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