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Posts Tagged ‘Harry Markopolos threw 29 red flags about Madoff’

Markopolos vs. SEC: Red Flags All Over The Field

Posted by Larry Doyle on February 6th, 2009 5:30 AM |

The world of professional sports has adapted to the wonders of modern technology over the course of the last ten to fifteen years. Professional hockey and basketball have used video reviews for a while. football-field114Professional and college football have more recently utilized video reviews to “get the calls right.” Major league baseball only last year accepted the fact that it is a better game when certain key plays are ruled properly. Few if any lovers of the games do not fully appreciate the benefits of this review process. If our country were only so fortunate that the powers that be at the Securities and Exchange Commission had an equal appreciation for a series of red flags requesting a similar review.

On November 7, 2005 Harry Markopolos threw 29 red flags on the field for the purposes of reviewing Bernard Madoff Investment Securities. The fact that the SEC did not more fully investigate given this OVERWHELMING body of evidence leaves any individual of sound mind and body speechless and dumbfounded. The questions that need to be answered are whether “the reviewers in the box along with the referees on the field” at both the SEC and FINRA were in some way conflicted. Did they have a stake in the game being played? Were there other kinds of action going on away from the field of play that need equal review?

The MSM has given Mr. Markopolos’ tireless work and pursuit of the truth in this fraud a less than thorough review. To be perfectly frank, I am shocked and appalled that we have not seen greater focus on this story. I was sent a copy of Mr. Markopolos’ November 7, 2005 Submission to the SEC and reviewed it today. This submisson is a matter of public record. While I could write at length on the evidence presented, I will do my best to summarize and highlight items that may not have received as much public disclosure as others.


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