may 1, 2000 - Markopolos Contacts the SEC

Description:

He submits an eight-page memo outlining his concerns to the SEC's Boston office. His Boston contact is unable to persuade his superiors to investigate and suggests Markopolos contact the SEC's New York office, which would have jurisdiction over Madoff's firm.

Massachusetts financial analyst Harry Markopolos tries to alert financial regulators to Madoff's fraud, saying his alleged trading strategy could never yield such continuously positive returns. The US securities and exchange commission ignores his warning several more times over the next few years.

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