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Markopolos: 'No One Would Listen'

Harry Markopolos listens to testimony from David Kotz, the Securities and Exchange Commission (SEC) inspector general, not pictured, during a Senate Banking Committee hearing regarding Bernard Madoff, Thursday, Sept. 10, 2009. (AP)

Onetime Wall Street legend Bernie Madoff pulled off the biggest Ponzi scheme in history — until he didn’t. And $65 billion — many people’s life savings — went up in smoke.

Harry Markopolos saw it coming, for years, and could not get anyone to stop it. He and a band of investment insiders begged the SEC to shut Madoff down, to open his books and really see.

They got nowhere. Instead, Harry Markopolos feared for his own life — that big-money Madoff investors would come after him for spoiling the game.

This hour, On Point: The man who yelled bloody murder about Bernie Madoff.

Guests:

Harry Markopolos, securities executive at Rampart Investment Management from 1991 to 2004. He now works privately as a forensic accounting analyst. His new book is “No One Would Listen: A True Financial Thriller.”

Frank Casey, former colleague of Harry Markopolos at Rampart Investment Management, from 1998 to 2001. He was the one who first told Markopolos about Bernie Madoff. He now works for Close Asset Management, a wealth management bank based in London.

More:

WBUR’s Curt Nickisch got the first radio interview with Harry Markopolos, which aired on April 21, 2009. You can read the transcripts and watch video from WBUR.

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Aug 28, 2015
Lightning first ignited the Meadow fire on July 20, 2014 in Yosemite. By September 8, the fire had charred 2,582 acres. Bernie Krause has recorded soundscapes of national parks destroyed by large areas of forest fires. Listen below.  (National Park Service)

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WDBJ-TV7 meteorologist Leo Hirsbrunner, right, wipes his eyes during the early morning newscast as anchors Kimberly McBroom, center, and guest anchor Steve Grant deliver the news at the station in Roanoke, Va., Thursday, Aug. 27, 2015. Reporter Alison Parker and cameraman Adam Ward were killed during a live broadcast Wednesday, while on assignment in Moneta. (AP Photo/Steve Helber)

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