My CNBC colleague Mary Thompsonrecently interviewed Harry Markopolos who for nearly ten years; tried, and failed, to alert regulators and investors of Bernie Madoff's $65 billion dollar Ponzi scheme.
In the interview Markopoloswho is known as "The Madoff Whistleblower" talks about his frustration with the regulators and how he feared for his own life.
His is a remarkable story and he puts it all down in the new book, "No One Would Listen; A True Financial Thriller." Mary says, "For Markopolos, a former hedge fund manager and forensic accountant, trying to bring down a man he considered one of the most powerful on Wall Street was one fraught with risks, for his career and family."
According to the book's release, in "NO ONE WOULD LISTEN," Markopolos:
- Provides a firsthand account of the S.E.C.’s "negligence" in following up on a whistleblower’s repeated warnings to investigate Madoff.
- Describes how many people in the financial industry knew or suspected that Madoff was not legitimate, yet no one wanted to mess with the profits flowing from Madoff’s “investments.”
- Markopolos discovered that European funds were heavily invested in Madoff. He knew that offshore funds are often used by those trying to hide their money, including organized crime and drug lords. After consulting with trusted law enforcement authorities, Markopolos began fearing for his life. He realized there were people who would kill to protect their billions of dollars.
The book officially goes on sale tomorrow.
BUT Bullish readers are getting something special TODAY.
The audiobook edition includes an exclusive 10th chapter: Three victims of the Madoff scheme share their personal shocking and heartbreaking stories. The audio chapter is being to Bullish readers by Audible.com.
Also in the excerpt, you will hear David Kotz, The Inspector General of the SEC, who spoke candidly about his investigation, and there is scathing commentary from congressional leaders on the blatant failures of the commission. You can listen to the free audio excerpt here provided by Audible.com