Starting in 2001, whistleblower harry markopolos alerted the sec three times to the likelihood that bernard madoff was running a

Question

tia_tia [17]

2 years ago

6

Starting in 2001, whistleblower harry markopolos alerted the sec three times to the likelihood that bernard madoff was running a

ponzi scheme. why do you think the sec didn't act on this information until 2006

History

2 answers:

alex41 [277] · Answer 1 · 2022-05-18T14:40:39+03:00

Answer: The SEC claimed that they didn't act because they were understaffed and overwhelmed

Explanation:

Markopolos repeatedly informed the U.S. Securities and Exchange Commission (SEC) about Madoff´s massive Ponzi scheme. In 2000, 2001, and 2005 the SEC disregarded his claims or merely gave his evidence a cursory investigation.

The SEC has claimed that at the time they didn't respond properly due to a lack of staff. It´s also believed that some filings were ignored because Markopolos was working for a competitor to Madoff's firm.

nadya68 [22] · Answer 2 · 2022-05-18T13:31:32+03:00

What has expressed in the story was it was a consequence of the SEC being understaffed and overpowered. I accept there is substantially more to do with it than that. e is a past leader of Boston Security Analysts Society Inc. On February 11, 2009, the Boston Security Analysts Society respected him with a silver shriek in acknowledgment of his endeavors to uncover Madoff.