HARRY MARKOPOLOS TESTIMONY PDF

During , he obtained a job with Darien Capital Management in Darien, Connecticut , as an assistant portfolio manager. From —, he served as a portfolio manager at Boston -based options trading company Rampart Investment Management, ultimately becoming its chief investment officer. Department of Defense frauds, in which a "whistleblower" would be compensated. The biggest red flag, however, was that the return stream rose steadily with only a few downticks—-represented graphically by a nearly perfect degree angle. According to Markopolos, anyone who understood the underlying math of the markets would have known they were too volatile even in the best conditions for this to be possible.

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During , he obtained a job with Darien Capital Management in Darien, Connecticut , as an assistant portfolio manager. From —, he served as a portfolio manager at Boston -based options trading company Rampart Investment Management, ultimately becoming its chief investment officer.

Department of Defense frauds, in which a "whistleblower" would be compensated. The biggest red flag, however, was that the return stream rose steadily with only a few downticks—-represented graphically by a nearly perfect degree angle. According to Markopolos, anyone who understood the underlying math of the markets would have known they were too volatile even in the best conditions for this to be possible.

It took him another four hours to mathematically prove that they could have only been obtained 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 However, the SEC took no action. Markopolos sent a more detailed submission to the SEC a year later. This submission also passed without action. Until then, he had been willing to accept the possibility that Madoff was front-running as Casey and Chelo believed.

However, Markopolos believed that if Madoff was front-running, he would have to siphon off money from his broker-dealer arm to pay the investors in his hedge fund. While in Europe, Markopolos found that 14 funds were invested with Madoff. Each manager believed his fund was the only one from which Madoff was taking new money--a classic "robbing Peter to pay Paul" scenario.

Kennedy Library in Boston, Markopolos put on a pair of white gloves to make sure that his fingerprints would not be on the documents, and wore one of his biggest overcoats. His analysis was based on more than 14 years of Madoff return numbers. During that time, Madoff reported only four losing months—-an implausible scenario that Markopolos said could only be achieved by fraud.

This prompted Madoff to seek loans from banks. In his book, Markopolos wrote that this was a sign Madoff was running out of cash and needed to increase his promised returns to keep the scheme going. Madoff gained knowledge of our activities, he may feel threatened enough to seek to stifle us. During that time, Madoff reported only three losing months.

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Harry Markopolos Is Testifying in Front of Congress Right Now

Members of the House Financial Services subcommittee hailed Markopolos but excoriated five SEC officials who declined to answer specific questions about the Madoff case, citing ongoing investigations. Gary Ackerman, Markopolos said he knows the names of a dozen so-called feeder funds that helped Madoff raise money from pension funds and wealthy investors and that he would turn these over to regulators this week. Markopolos, now a fraud investigator, said Madoff could not have acted alone, citing accountants and people helping convey money to his scheme. Madoff was arrested after his sons went to authorities saying their father had confessed to them. Madoff, I think it was you. Cheung, Markopolos said, was arrogant, never grasped the concepts in his report or asked him any questions.

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Bernie Madoff Sleuth Harry Markopolos Warns of 3 New Ponzi Scams

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 However, the SEC took no action. By then, Markopolos was convinced that Madoff was not really trading.

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