Madoff Whistleblower Slams SEC Before House Panel

Law360, New York (February 4, 2009, 12:00 AM EST) -- Harry Markopolos, the man who led a quixotic campaign to bring Bernard L. Madoff's alleged $50 billion Ponzi scheme to heel, told a U.S. House of Representatives panel Wednesday that there were still hundreds of “mini-Madoffs” yet to be discovered and that the U.S. Securities and Exchange Commission was unable to uncover the schemes.

Markopolos, who warned the SEC in November 2005 that Madoff's pattern of positive returns was mathematically impossible in a 19-page letter calling Madoff's fund “the world's largest Ponzi scheme,” told the House...
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