60 Minutes: Madoff whistleblower alerted the SEC with 5 seperate submissions since 2000 [View All]

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http://www.cbsnews.com/stories/2009/02/27/60minutes/main4833667.shtml?source=mostpop_story

The Man Who Figured Out Madoff's Scheme
Tells 60 Minutes Many Suspected Madoff Fraud; Says SEC Is Incapable Of Finding Fraud

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Asked how many times he sent materials to the SEC, Markopolos told Kroft, "May 2000. October 2001. October, November, and December of 2005. Then again June 2007. And finally April 2008. So five separate SEC submissions."

"And in spite of all of the things that you did, it still ended up in disaster?" Kroft asked.

"There's nothing to be proud about in this case. I feel horrible about the result. It's been a total disaster for the victims," Markopolos replied.

...

"In your first letter to the S.E.C. back in 2000, you're a little tentative. You say, 'Look, I have no hard evidence, no smoking gun,'" Kroft remarked.

"In 2000, it was more theoretical. In 2001, it was a little bit more real. By 2005, I had 29 red flags that you just couldn't miss on. By 2005, the degree of certainty was approaching 100 percent," Markopolos explained.