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US Securities and Exchange Commission impedes official corruption probe
US Securities and Exchange Commission impedes official corruption probe
Bernard Madoff's Ponzi scheme was far too large a fraud to have been conducted alone. He must have had official help. And a second elite-led Ponzi scheme is about to be exposed
WASHINGTON - House lawmakers on Wednesday accused the Securities and Exchange Commission of impeding their probe into how the agency failed to uncover the alleged $50 billion fraud perpetrated by Bernard Madoff.
The clash between lawmakers and high-ranking SEC officials came at a hearing after the whistleblower in the case, Harry Markopolos, said he had feared for his physical safety and would turn over new evidence to the agency showing the alleged Ponzi scheme mastermind had not acted alone.
Markopolos said he had discovered a dozen additional funds that funneled money to Madoff, "hiding in the weeds" in Europe. Managers of investment "feeder" funds that relayed money to Madoff willfully turned a blind eye to his improprieties because they were paid generous fees, Markopolos said.
http://www.msnbc.msn.com/id/29009555/
Bernard Madoff's Ponzi scheme was far too large a fraud to have been conducted alone. He must have had official help. And a second elite-led Ponzi scheme is about to be exposed
WASHINGTON - House lawmakers on Wednesday accused the Securities and Exchange Commission of impeding their probe into how the agency failed to uncover the alleged $50 billion fraud perpetrated by Bernard Madoff.
The clash between lawmakers and high-ranking SEC officials came at a hearing after the whistleblower in the case, Harry Markopolos, said he had feared for his physical safety and would turn over new evidence to the agency showing the alleged Ponzi scheme mastermind had not acted alone.
Markopolos said he had discovered a dozen additional funds that funneled money to Madoff, "hiding in the weeds" in Europe. Managers of investment "feeder" funds that relayed money to Madoff willfully turned a blind eye to his improprieties because they were paid generous fees, Markopolos said.
http://www.msnbc.msn.com/id/29009555/
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