The losses linked to Bernard Madoff may be closer to $15bn-$25bn rather than the $50bn the New York broker allegedly told US investigators, according to Harry Markopolos, a former money manager and long-time Madoff critic. Markopolos, who tried for nine years to expose Madoff, told a Congressional hearing on Wednesday that staff incompetence at the SEC was partly to blame for failure to bring a case against Madoff earlier. “I gift-wrapped and delivered the largest Ponzi scheme in history to them…Most officials “did not understand….” See text of testimony here.

This entry was posted by Gwen Robinson on Thursday, February 5th, 2009 at 5:46 and is filed under Capital markets, Hedge funds, People. Tagged with Bernard Madoff, harry markopolos. Edit this entry.