Madoff whistleblower praised by Congress

February 4, 2009 6:39:46 PM PST
There was high praise Wednesday for the man who tried for nearly a decade to blow the whistle on the Madoff Ponzi scheme.

Harry Markopolous testified before a House subcommittee, where he called Securities and Exchange Commission officials inept and financially illiterate.

He told lawmakers that he began warning the SEC about a possible scheme involving Bernard Madoff back in 2000 and that repeated warnings were ignored.

"I gift wrapped and delivered the largest Ponzi scheme in history to them and somehow they couldn't be bothered to conduct a thorough and proper investigation because they were too busy on matters of higher priority," Markopolous said. "If a $50 billion Ponzi scheme doesn't make the SEC's priority list, then I want to know who sets their priorities."

Click here to see the New York Post's full list of Madoff's victims.

Peninsula Democrat Jackie Speier called Markopolous a modern day Greek hero, and thanked him for his perseverance.

Madoff was arrested in December after allegedly confessing to bilking investors in what authorities say may be the largest Ponzi scheme ever.


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