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February 6, 2009

Madoff Whistleblower Faults SEC for Ignoring Warnings
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The key whistleblower in the Bernie Madoff fraud case has criticized
government regulators for ignoring repeated warnings. Harry Markopolos
told lawmakers he began warning Securities and Exchange Commission
officials about Madoff in 2000. Markopolos said the SEC didn’t take
action in large part because of incompetence and deference to financial
interests. He said, “I gift-wrapped and delivered the largest Ponzi
scheme to them.” Markopolos also criticized the Wall Street Journal for
failing to pick up the story. He said Wall Street Journal editors
apparently refused to let a senior reporter follow the story after
Markopolos had tipped him off.



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