Harry Markopolos

Quick Facts

Full Name	Harry Markopolos
Occupation	Investor
Date Of Birth	Oct 22, 1956(1956-10-22)
Age	68
Birthplace	Erie
Country	United States
Birth City	Pennsylvania
Horoscope	Libra

Harry Markopolos Biography

Harry Markopolos is one of the most popular and richest Investor who was born on October 22, 1956 in Erie, Pennsylvania, United States. Harry M. Markopolos, born October 22, 1956 in America, is a former executive in the securities industry and an investigator of financial fraud and forensic accounting.

Markopolos told Steve Kroft, 60 Minutes that the most concerning thing he saw in his 1999 Madoff analysis was the fact that he reported only losing four percent of his months. Markopolos believes that no one can be as good given the volatility of markets. He said, “Markets go up and down, but his only went up.” Markopolos pointed out that he traded with many of the largest derivatives companies around the globe during his time at Rampart. None of them ever dealt with Madoff because they weren’t convinced his numbers were real. He acknowledged that he had a financial incentive to get rid of Madoff because they competed from 2000 to 2004. He said he felt compelled by the opportunity because “when someone’s playing on your field, who’s dirty, you want him to be thrown off the field.” He blasted the SEC for not listening to him, claiming that Madoff ultimately fell under the weight his own lies.

During 1999, Markopolos learned that one of Rampart’s frequent trading partners, Access International Advisors, was dealing with a hedge fund manager who consistently delivered net returns of 1% to 2% a month.

From 1999 to 2008, Markopolos uncovered evidence that suggested that Bernie Madoff’s wealth management business was a huge Ponzi scheme. In 2000, 2001, and 2005, Markopolos alerted the U.S. Securities and Exchange Commission (SEC) of his views, supplying supporting documents, but each time the SEC ignored him or gave his evidence only a cursory investigation. Madoff was finally revealed to be a fraud in December 2008, when his sons contacted the Federal Bureau of Investigation. After admitting to operating the largest private Pyramid scheme in history, Madoff was sentenced in 2009 to 150 years in prison. In 2010, Markopolos’ book on uncovering the Madoff fraud, No One Would Listen: A True Financial Thriller, was published. Markopolos has criticized the SEC for failing to discover the Madoff fraud despite repeated tips, and for failing to investigate properly the larger companies it supervised. He described the private moments he had with victims of the Madoff fraud as: “Heartfelt, gut-wrenching things. People trying to commit suicide or losing loved ones who’ve died of heartbreak.”

He was a portfolio manager for Boston-based options trading firm Rampart Investment Management from 1991 to 2004 and eventually became its chief investment officer.

Harry Markopolos Net Worth

Harry Markopolos is one of the richest Investor from United States. According to our analysis, Wikipedia, Forbes & Business Insider, Harry Markopolos 's net worth $5 Million. (Last Update: December 11, 2023)

Markopolos was raised in Roman Catholic schools and graduated from Cathedral Preparatory School, Erie, Pennsylvania in 1974. In 1981, he received a Bachelor of Business Administration degree from Loyola College, Maryland, and in 1997, a Master in Science in Finance from Boston College, both Catholic schools. He is a CFA charterholder and a Certified Fraud Examiner.

In 1987, he began his career as a broker at Makefield Securities in Erie. He was an assistant portfolio manager at Darien Capital Management, Darien, Connecticut in 1988.

Markopolos had originally concealed his identity from SEC regulators during May 1999, although he did meet face-to-face with SEC officials in Boston during 2000 and 2001. After the SEC did not respond, Markopolos was fearful of taking his complaints to the industry’s self-regulatory authority, the National Association of Securities Dealers (since succeeded by the Financial Industry Regulatory Authority (FINRA)).

Height, Weight & Body Measurements

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Who is Harry Markopolos Dating?

According to our records, Harry Markopolos is possibily single & has not been previously engaged. As of December 1, 2023, Harry Markopolos’s is not dating anyone.

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He also added that during 2005 it was Meaghan Cheung, the branch chief of the SEC’s New York office, to whom he gave his 21-page report alleging that Madoff was paying old investors with money from fresh recruits. “Ms. Cheung never expressed even the slightest interest in asking me questions”, Markopolos said, claiming she was too concerned with Markopolos mentioning the possibility of a reward and the fact that he was a competitor of Madoff. Cheung approved an internal memo during November 2007 to close an SEC investigation of Madoff without bringing any claim. Subsequently, she left the agency. He testified he gave details about the case during 2005 to John Wilke, an investigative reporter for The Wall Street Journal, but that it was never pursued. Markopolos testified he (anonymously) sent a package of documents concerning Madoff to former New York Attorney General Eliot Spitzer, who had successfully prosecuted a number of securities fraud cases, but that Spitzer apparently did not act, either. Spitzer’s family firm had invested in Madoff’s business.

Facts & Trivia

Harry Ranked on the list of most popular Investor. Also ranked in the elit list of famous people born in United States. Harry Markopolos celebrates birthday on October 22 of every year.

Although Madoff’s scheme did not collapse until 2008, Markopolos believed that Madoff was on the brink of insolvency as early as the summer of 2005, when Casey found out that at least two banks were no longer lending money to their clients to invest with Madoff. This prompted Madoff to seek loans from banks. In June 2008 — six months before Madoff’s scheme imploded — Markopolos’ team uncovered evidence that Madoff was accepting leveraged money. In his book, Markopolos wrote that this was a sign Madoff was running out of cash and needed to increase his intake of new funds to keep the scheme going.

Where is Harry Markopolos now?

Today, he works as a forensic accounting analyst for attorneys suing companies under the False Claims Act. Education: Markopolos has an undergraduate degree in Business Administration from Loyola College in Maryland, and an MS from Boston College.

How did Harry Markopolos discover Madoff scheme?

Markopolos obtained a copy of Madoff’s revenue stream and almost immediately spotted a problem: the return stream rose almost steadily, with very few down months – something that never happens in the real world of volatile markets.

Who snitched on Bernie Madoff?

Harry Markopolos
Occupation| Financial fraud investigator, Retired securities executive, CFA, CFE
Known for| Whistleblower in Bernie Madoff securities fraud scandal

Was Harry Markopolos a whistleblower?

Harry Markopolos wants his money from the SEC, and he wants it now. The whistleblowing analyst became famous after the U.S. Securities and Exchange Commission ignored his warnings about Bernie Madoff’s Ponzi scam 15 years ago.

Where is Ruth Madoff today?

Ruth Madoff hasn’t spoken publicly in years. She moved out of New York City following her husband’s arrest and spent two years living in Florida with her sister before transitioning to one of her son Andrew’s homes in Greenwich, Connecticut.