keywords: house financial services, fraud investigator harry markopolos, bernie madoff ponzi scheme
Synopsis: Testifying before the House Financial Services Subcommittee, Harry Markopolos, an independent financial fraud investigator for institutional investors, revealed how he submitted documentation to the SEC that Madoff was a fraud years before the SEC finally took action... (read more)
Bernie Madoff Ponzi Scheme - Harry Markopolos Testifies
00:06:46:00 to 00:11:28:00
Chairman Paul Kanjorski opening statement.
00:17:58:05 to 00:48:00:00
Opening statement by Harry Markopolos in which he criticized the SEC as being inept and afraid to investigate the larger more powerful firms for possible security violations such as Madoff.
In answering questions Markopolos explained how using only publicly available documents and an excel spreadsheet Markopolos says it took him less than four hours to mathematically prove Madoff was a fraud.