AP, updated 11:17 a.m. ET, Fri., Dec. 19, 2008 Madoff whistleblower went unheeded for years Mathematical analysis in 1999 showed Madoff's returns were unreal
http://www.msnbc.msn.com/id/28310980?GT1=43001 Harry Markopolos complained to the SEC's Boston office in May 1999, saying it was impossible for the kind of profit Madoff was reporting to have been gained legally. But Madoff continued to thrive, even as Markopolos continued to pursue the case. Markopolos waged a remarkable battle to uncover fraud at Madoff's operation, sounding the alarm back in 1999 and continuing with his warnings all through this decade. The government never acted. "He followed through on everything he ever did. He never let up," said his mother, Georgia Markopolos, in an interview Thursday. "Some kids just let it go if it's too hard, but he wouldn't do that." In 2005, he submitted a report to the SEC saying it was "highly likely" that "Madoff Securities is the world's largest Ponzi scheme." In the report, he says he knew his research could ruin people's careers and asked the SEC be discreet about circulating the report and his name. "I am worried about the personal safety of myself and my family," he wrote. The report highlights 29 "red flags" about Madoff's business, among them the returns of a third-party hedge fund managed by Madoff's firm which had negative returns in just seven on the 174 months Markopolos analyzed. "No major league baseball hitter bats .960, no NFL team has ever gone 96 wins and only 4 losses over a 100 game span, and you can bet everything you own that no money manager is up 96% of the months either," he said. --- So there you have it; government asleep at the helm, and/or giving a nod and a wink for Madoff to keep bilking people of billion$. Aside: The SEC Chairman is a appointee of Bush Jr. Thank your daddy state kids! --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
