Fifty five year-old Harry Markopolos, a man who criticized the Securities and Exchange Commission (SEC) for disregarding his tips on Bernard Madoff’s Ponzi Scheme many years before it was discovered, is still involved in dealing with the aftermath of the Madoff case. According to reports, Markopolos pursued evidence of Madoff’s scheme from 2000 until 2008, when news of the scandal was first revealed to the world. Since that time, Markopolos has testified before Congress and traveled throughout the country for various speaking engagements.
Markopolos first told the SEC’s Boston office about his information involving the Madoff scheme in 2000, but he was largely ignored. The Madoff scandal involved $65 billion that was taken from a number of major U.S. business people, philanthropists, Americans saving for retirement and wealthy European families. A movie was made about the scandal, but it did not bring in a lot of viewers at the box office.
Currently, Markopolos is working on a case involving the State Street Corp. of Boston and Bank of New York Mellon Corp. Markopolos alleges that the banks overcharged pensions and other big clients for currency trades for a number of years. Both of the banks have denied the allegations so far.
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