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In breaking news, CNBC's Scott Cohn reveals that whistleblower Harry Markolpolos, whose warnings about the Madoff scandal fell on deaf ears at the Securities and Exchange Commission for years, has provided the SEC's Inspector General with new information about an alleged "mini-Madoff" fraud that is still underway.
During his testimony on Wednesday before a House subcommittee, Markopolos told members of Congress that he had information about a $1 billion Ponzi scheme similar to Madoff's, and that he planned to give it to SEC Inspector General David Kotz.
Markopolos also promised to deliver information about a dozen European feeder funds that could be implicated in the Madoff scandal.
Kotz tells CNBC that Markopolos did, in fact, provide the information today, and that by special arrangement, the information would be delivered directly to SEC Chairwoman Mary Schapiro--not to the SEC's Division of Enforcement.
Kotz would not disclose any of the names involved in the new fraud or the feeder funds. He says he met with Markopolos and his attorneys for seven hours on Thursday, describing the meeting as "very valuable."
Kotz, who is conducting his own investigation of the SEC's conduct in the Madoff scandal, says Markopolos gave him "detailed information about his communications with the SEC."
-- This post was written by Scott Cohn.
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Trader disclosure: On Feb. 4th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman Owns (PAL), (MSFT), (BAC); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO); Najarian Owns (CAT) Call Spread; Najarian Owns (EEM) Call Spread; Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (ENER) & (ENER) Call Spread; Najarian Owns (GDX) Call Spread; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (MOS) Call Spread; Najarian Owns (DLTR) Calls; Najarian Owns (PALM) Calls; Seymour Owns (BAC), (EEM), (FXI), (MOS), (PBR), (CBRE)
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