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Sunday 7 March 2010

Harry Markopolos reveals the story of how he uncovered the $65 billion fraud

Harry Markopolos reveals the story of how he uncovered the $65 billion fraud behind the Bernie Madoff scandal in a new book entitled “No One Would Listen,” reports The Huffington Post.The book, set to hit shelves next week, recounts Markopolos’ path to discovering the Ponzi scheme before it became national news. What is perhaps most revealing about the investigator’s account is how many reporters and government officials Markopolos reached out to with his Madoff suspicions, all of whom ignored his complaints. Markopolos even describes an attempt to deliver his findings to then New York Attorney General Eliot Spitzer.In one of the book’s passages, according to The Huffington Post, Markopolos claims that he would might have killed Madoff if he ever felt threatened. Markopolos writes, “If he contacted me and threatened me, I was going to drive down to New York and take him out.”Markopolos was a previously unknown Boston accountant who has recently come into the spotlight for having tracked Madoff’s trail of fraud before the extent of the scheme was brought to light. When he was hired in 1991 to join Rampart Investment Management firm, Markopolos was assigned the task of reconstructing Madoff’s strategy to see if he could uncover the key to the investor’s great success, reports Boston.com.Though Markopolos was known as the office’s resident math whiz, he could not duplicate Madoff’s returns. When he suspected that Madoff was running a Ponzi scheme, Markopolos made continuous efforts to reach out to the Securities and Exchange Commission with memos regarding his suspicions of financial fraud, with no success. According to Boston.com, his last communication with the agency was just eight months before the scandal surfaced

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