Harry Markopolos

The Bernie Madoff Whistleblower

Harry Markopolos

The Bernie Madoff Whistleblower

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Biography

Harry Markopolos received his B.A. in Business from Loyola University of Maryland and then went on to Boston College for his M.S. in Finance degree. He earned his Chartered Financial Analyst’s designation in 1996 and his Certified Fraud Examiner’s designation in 2008. From 2002-2003 he served as the Chairman of the CFA Society of Boston. He has also served on the boards of directors of the Boston Chapter Global Association of Risk Professionals and Boston QWAFAFEW, a quantitative finance lecture group.

Mr. Markopolos received a reserve commission as a 2nd Lieutenant, Infantry, in the US Army and is a graduate of several Army schools including the Infantry Officers’ Basic and Advanced Courses, the Civil Affairs Officers’ Advanced Course, and US Army Command & General Staff College. Mr. Markopolos has commanded troops at every rank from 2nd Lieutenant to Major during 17 years of part-time service in the Army National Guard and Army Reserve.

He was an assistant portfolio manager for Darien Capital Management in Greenwich, CT for three years; leaving to become an equity derivatives portfolio manager for Rampart Investment Management Company in Boston. In 2002 he was promoted to Chief Investment Officer but decided to leave the industry in August 2004 to pursue fraud investigations full-time against the financial services industry. He brings CEO and CFO orchestrated multi-billion-dollar white-collar fraud cases to the US Department of Justice, and the Securities & Exchange Commission under whistleblower bounty programs. The Madoff case was his first major investigation, which he started in early 2000 and he’s been hooked ever since.

Mr. Markopolos and his whistleblower team wrote the bestselling book No One Would Listen: A True Financial Thriller, ©2010 by John Wiley & Sons, Inc. detailing their 9-year investigation into the $64.8 billion Madoff Ponzi scheme. A documentary based upon the book entitled Chasing Madoff was released in theaters in late August 2011 and is now available via streaming.

Many of his cases appear regularly on the front pages of the financial press. His involvement in the whistleblower team that turned in the Foreign Exchange fraud cases against the US custody banks led to billions of dollars in recoveries by victimized mutual funds, pension funds and hedge funds. He was part of the whistleblower teams that turned in the $1.6 Billion Platinum Partners Ponzi scheme in New York as well as the same sized, $1.6 Billion Aequitas Ponzi scheme in Lake Oswego, Oregon. Some of the notable accounting frauds he’s worked on are the Life Partners Holdings Inc. and AmTrust Financial Services cases. He particularly enjoys working with the FBI and USDOJ on the criminal side of financial fraud cases which, to date, have resulted in 33 arrests.

Speaker Videos

Who Is Harry Markopolos?

On the Today Show

No One Would Listen

CNNMoney: From Madoff to Medical Fraud

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Speech Topics

Your Industry & Fraud: What to Look for & How to Prevent It

Markopolos will impart lessons that had to be relearned by capital markets due-diligence professionals, accountants, and regulators who forgot them all during the boom years that left them unprepared for the Mortgage Backed Securities fiasco and Bernie Madoff. Every sector of the financial services industry failed during both scandals and, unbelievably, it turned out no one was doing the job they said they were doing.

Most due diligence is a set of check-the-box questions that fraudsters know how to respond to. If that weren't bad enough, control systems are static while fraudsters are constantly improving and thinking of ways to circumvent whatever safeguards you were smart enough to implement in the past. Tragically, the financial services industry is its own worst enemy, driven by foolish fads destined to end in disaster as bad money and loosening credit standards drive out good money and sound lending standards. Large financial institutions are not much different than lemmings in search of the next cliff to jump off of. Big frauds are glaringly easy to spot if you simply ask "does this make any sense?"

How Did One Man Lose $64.8 Billion? The Signs, the Red Flags & How to Make Sure It Never Happens Again

Markopolos will provide a riveting, behind the scenes presentation on how his four-person investigative team tracked Madoff and the Madoff Feeder Funds throughout Europe and North America over an eight and a half year timeframe – while repeatedly submitting detailed reports to the US SEC, which refused to listen. He will explain the red flags, warning signs, and the audit steps you need to know so this doesn't happen to your organization.

Developing and Acting Upon Healthy Professional Skepticism

How did the entire system of checks and balances fail for that many decades in the $65 billion Bernie Madoff Ponzi scheme? Banks, investment banks, hedge funds, pension funds, endowments, and regulators of all stripes failed to exhibit even a modicum of professional skepticism. Big 4, regional, and local accounting firms also failed to exhibit professional skepticism despite numerous red flags and unintelligible account statements. The multi-billion dollar Madoff firm’s auditor was a one-man accounting firm yet raised no suspicions. How did Madoff game the SEC exam and enforcement teams? How did the complicit feeder funds game their own audits? Where were the accountants at the so-called independent third party administrators? How does an audit team know it’s being played? How can auditors recognize they’re being manipulated and challenge their audit clients in order to protect themselves and stakeholders from blown audits and the resulting lawsuits?

Obviously the accounting firms that did Madoff-related audits can’t talk because they’re enmeshed in pre-trial litigation, so hear from Harry Markopolos, the Madoff whistleblower, for his observations on how Madoff got away with his fraud scheme and fooled so many for so long. What he has to say will have you either crying or laughing or maybe even both at the same time.

Chasing Bernie Madoff: Gift Wrapping & Delivering the Truth about the Largest Ponzi Scheme Ever

You Think Financial Fraud Is Bad? Taking a Hard Look at the $500 Billion Medicare Program

Testimonials

"He did an amazing job for us!! The students and the executives said he was so personable and gave a great speech. He spent a lot of one-on-one time with our group and was gracious with our guests and our staff. He is super easy to work with and a thoughtful person."

- Center for Executive Education at Belmont University

"Harry’s speech was very well received by all of our attendees, noted by the fact that we had to add tables to the luncheon and it was a standing room only crowd. We appreciate Mr. Markopolos’s willingness to share his knowledge and candor with PLUS members. Thank you for assisting us with landing an interesting, timely, and topical speaker for our event."

- Professional Liability Underwriting Service (PLUS)

"Through your discussion our members gained greater insight into one of the most devastating examples of financial villainy perpetrated in this nation’s history and also learned innovative ways to detect fraud in their daily lives…thank you for sharing this amazing cautionary tale."

- Southern Legislative Conference of the Council of State Governments

"He was absolutely phenomenal! The Q&A session was lively. Afterwards, one gentleman said to me 'This was the best forum I’ve been to in years.'"

- Alaris Trading Partners, LLC

"Bringing Harry Markopolos to the University of Nebraska-Lincoln was a huge success! It was a great speech that really hit home with its relevance to our nation's economic situation. Mr. Markopolos doesn't call himself a hero, but regardless, he was obviously a man who stood up against the odds to do the right thing, which is a rare find in today's crumbling business world."

- University of Nebraska-Lincoln

"Went great! Excellent attendance, great talk, very nice participation in ACFE breakfast meeting and faculty/alumni luncheon. Great person, strong message, nicely done."

- Trulaske College of Business, University of Missouri