Mr Markopolos, who tried for nine years to expose Mr Madoff, told a Congressional hearing yesterday that staff incompetence on the part of the US Securities and Exchange Commission was partly to blame for failing to bring a case against Mr Madoff earlier.
“I gift-wrapped and delivered the largest Ponzi scheme in history to them,” he said. Most officials “did not understand . . . the 29 red flags that I handed them”.
“The SEC securities lawyers, if only through their investigative ineptitude and financial illiteracy, colluded to maintain large frauds such as the one to which Madoff later confessed,” Mr Markopolos said.
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