Tipster warned SEC of Madoff in 2000 - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Tipster warned SEC of Madoff in 2000

  • Fox 29 Daily HeadlinesMore>>

  • Ex-chief, officers allegedly framed teen for burglaries in FL

    Ex-chief, officers allegedly framed teen for burglaries in FL

    Thursday, June 14 2018 1:46 PM EDT2018-06-14 17:46:03 GMT
    Thursday, June 14 2018 1:46 PM EDT2018-06-14 17:46:03 GMT
    Ex-law enforcement officials allegedly arrested a teen for a crime he didn't commit in order to keep a perfect record for burglary cases. (Source: Raycom Media, file)Ex-law enforcement officials allegedly arrested a teen for a crime he didn't commit in order to keep a perfect record for burglary cases. (Source: Raycom Media, file)

    Biscayne Park Police Chief Raimundo Atesiano, as well as officers Charlie Dayoub and Raul Fernandez, were indicted by federal officials for "conspiracy to violate civil rights under color of law."

    More >>

    Biscayne Park Police Chief Raimundo Atesiano, as well as officers Charlie Dayoub and Raul Fernandez, were indicted by federal officials for "conspiracy to violate civil rights under color of law."

    More >>
  • North American trio beats Morocco to host 2026 World Cup

    North American trio beats Morocco to host 2026 World Cup

    Wednesday, June 13 2018 2:37 AM EDT2018-06-13 06:37:15 GMT
    Thursday, June 14 2018 11:42 AM EDT2018-06-14 15:42:47 GMT
    (AP Photo/Pavel Golovkin). FIFA President Gianni Infantino arrives at the FIFA congress on the eve of the opener of the 2018 soccer World Cup in Moscow, Russia, Wednesday, June 13, 2018. The congress in Moscow is set to choose the host or hosts for the...(AP Photo/Pavel Golovkin). FIFA President Gianni Infantino arrives at the FIFA congress on the eve of the opener of the 2018 soccer World Cup in Moscow, Russia, Wednesday, June 13, 2018. The congress in Moscow is set to choose the host or hosts for the...

    FIFA is preparing to choose between Morocco and a joint North American bid to host the 2026 World Cup.

    More >>

    FIFA is preparing to choose between Morocco and a joint North American bid to host the 2026 World Cup.

    More >>
  • Trump sees 'new future' for North Korea, but path unclear

    Trump sees 'new future' for North Korea, but path unclear

    Tuesday, June 12 2018 3:58 AM EDT2018-06-12 07:58:53 GMT
    Wednesday, June 13 2018 2:21 AM EDT2018-06-13 06:21:05 GMT
    (AP Photo/Evan Vucci). President Donald Trump meets with North Korean leader Kim Jong Un on Sentosa Island, Tuesday, June 12, 2018, in Singapore.(AP Photo/Evan Vucci). President Donald Trump meets with North Korean leader Kim Jong Un on Sentosa Island, Tuesday, June 12, 2018, in Singapore.

    President Donald Trump and North Korea's Kim Jong Un promised to "build a lasting and stable peace regime" on the Korean Peninsula by recommitting to the "complete denuclearization of the Korean Peninsula."

    More >>

    President Donald Trump and North Korea's Kim Jong Un promised to "build a lasting and stable peace regime" on the Korean Peninsula by recommitting to the "complete denuclearization of the Korean Peninsula." 

    More >>

By Juan Carlos Fanjul email
Posted by Rachel Leigh email

WASHINTON, DC (WFLX) - "The SEC [U.S. Security and Exchange Commission] continues to roar like a mouse and bite like a flea," said Independent fraud investigator Harry Markopolos

On Wednesday, the spotlight fell on Markopolos who tried to warn regulators about the Bernie Madoff scheme.

And that tipster says, what took him just minutes to figure out, the government never figured out until it was too late. "I'm suggesting that if you flew the entire SEC staff to Boston, sat them in Fenway park for an afternoon, that they would not be able to find first base."

As direct as an attacks gets: Independent fraud investigator Harry Markopolos testifying in D.C. Wednesday and laying the blame on the SEC for allowing the part-time Palm Beacher Bernie Madoff's wheeling and dealing to get out of control.

"My team and I tried our best to get the SEC to investigate and shut down the Madoff deals with repeated and credible warnings to the SEC that started in May 2000 when the Madoff Ponzi Scheme was a $3 - $7 billion fraud."

And, now, the Securities and Exchange Commission says it's a $50 billion scheme. But Markopolos told the congressional panel that the crime could have ballooned into a $100 billion fraud if Madoff, who is still under house arrest in New York, hadn't confessed.

Markopolos pointing out it took him only five minutes to see something was wrong. "The SEC is over-lawyered and has few too staff with relevant industry experience and professional credentials to find fraud even when a multi-billion dollar case is handed to them on a silver platter."

A trustee liquidating Bernard Madoff's investment firm has told a federal judge that nearly $950 million in cash and securities has been recovered for investors. Only a drop in the bucket.

Powered by Frankly

1100 Banyan Blvd.
West Palm Beach, FL 33401

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2018 Raycom Media. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.