Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, February 4, 2009

House Subcommittee Holds Hearing on Madoff

A House subcommittee of the Financial Services Committee held a hearing today on the SEC's failure to uncover the Madoff ponzi scheme.  Here is a link to the webcast.  The star witness was Harry Markopolos, an independent fraud investigator, who has not previously testified on his efforts, going back to 2000, to get the SEC, the New York Attorney General, and the Wall St. Journal to investigate his allegations that Madoff was running a ponzi scheme.  Here is a link to his written testimony.  In addition, various members of the SEC staff testified yet again and cited ongoing investigations as the reason for their inability to discuss the matter.  Here is a link to their written testimony.  Stephen Luparello, Interim Chief Executive Officer, FINRA, also testified.  Here is a link to his written testimony.

Here is some press coverage of the hearing:

Madoff Witness Talks of Other Possible Ponzi Cases (NYTimes)

Lawmakers Criticize Role of SEC in Madoff Scheme (WSJ)

SEC Evasion On Madoff Infuriates Lawmakers (WPost)

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