In a recent post ("Edelheit on the Madoff Scandal") we quoted Aaron Edelheit's three key points on why investors should have been wary of Madoff's fund. Back in 2005, Harry Markopolous sent the SEC a 21-page letter titled, "The World's Largest Hedge Fund is a Fraud". Below, via Clusterstock.com, is that letter, in which Markopolous cited 29 red flags relating to Madoff's fund.
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3 comments:
What a brilliant letter, it's a shame SEC kept it aside. Had I had my funds invested with BM and gotten this letter, I would not have been able to sleep. In fact that's exactly what Markopolous should have done- send this to HSBC instead of the SEC....outrageous!
All Madoff's clients did have their money invested in BM, lol.
He's #2, he tries harder.
MOM- Please send money.
I agree, Ravinsu, it is a brilliant letter. It makes you wonder what sort of people are collecting paychecks at the SEC that they could read that letter and not investigate Matoff.
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