NO ONE WOULD LISTEN: A True Financial Thriller
Author: Harry Markopolos
Pages: 376; Hardback
Cover: Hard cover with dust jacket
Publish date: March 2010
Published by John Wiley & Sons, Inc.
the Foreword by David Einhorn, President and Founder of Greenlight Capital and
author of “Fooling Some of the People All of the Time”
NO ONE WOULD LISTEN: A True Financial Thriller is the story of Harry Markopolos, the whistleblower who uncovered Bernie Madoff’s Ponzi scheme 10 years before the rest of the world learned of the biggest financial crime in history. While a lot has been written about Madoff’s scam, few actually know the dramatic details of how Markopolos and a small group of sleuths, who he dubbed “The Foxhounds,” went about investigating and slowly peeling away the layers of fraud that reached around the globe.
Markopolos submitted irrefutable proof about Madoff’s scheme to the S.E.C. four different times. Unfortunately, no one listened; until the damage to investors reached into the multi billions. Since that time, Markopolos has openly testified and questioned the enforcement and fraud investigation capabilities of the Securities and Exchange Commission and has become one of the world’s most visible and insightful whistleblowers.
In NO ONE WOULD LISTEN, Harry Markopolos:
- Provides a firsthand account of the S.E.C.’s negligence in following up on a whistleblower’s repeated warnings to investigate Madoff. Markopolos describes how time and time again, the S.E.C. ignored the proof that would have stopped Madoff’s scam before so many billions of dollars were lost.
- Markopolos’ account shows how weak Wall Street’s “watchdog” is in providing investors protection against serious crimes.
- Describes how Madoff was enabled by investors and fiduciaries alike. Many people in the financial industry knew or suspected that Madoff was not legitimate, yet no one wanted to mess with the profits flowing from Madoff’s “investments.”
- Reveals the story behind Markopolos’ many attempts to expose Madoff and protect investors. The irony: the true Sherlock Holmes of Wall Street was one committed individual and his team, not an army of investigators within the S.E.C.
- Markopolos discovered that European funds were heavily invested in Madoff. He knew that offshore funds are often used by those trying to hide their money, including organized crime and drug lords. After consulting with trusted law enforcement authorities, Markopolos began fearing for his life. He realized there were people who would kill to protect their billions of dollars.
NO ONE WOULD LISTEN ends with a list of concrete recommendations Markopolos was asked to make in 2009 to the S.E.C. and the Senate Banking committee in order to turn the S.E.C. into the effective regulatory force it is meant to be. However, the question remains: Is anyone listening now?
Harry Markopolos, is a former securities industry executive turned independent financial fraud investigator, was the whistleblower who provided credible and detailed evidence several times from 2000-2008 that should have prompted an immediate investigation by the United States Securities and Exchange Commission into Bernie Madoff’s $65 billion Ponzi scheme. Markopolos’s investigation was assisted by his investigative team, including Frank Casey, Neil Chelo, and Michael Ocrant.
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