No One Would Listen: A True Financial Thriller
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Product Description
Bernie Madoff was a king of the financial world and a beloved philanthropist. But very few people knew that he was quietly running the largest hedge fund in the world, a fund that eventually spread to over forty nations and handled tens of billions of dollars.
Harry Markopolos was a small-known number cruncher at a Boston equity derivatives firm analyzing investment products. A marketer for that firm, Frank Casey, handed Harry a prospectus outlining Madoff’s strategy and questioned him to make a similar product. Harry sat down and looked at the numbers. The numbers didn’t add up. For the next ten years, the investigative team Markopolos recruited warned the government, the industry, and the financial press that the largest and most successful hedge fund in the industry was a total fraud and that the respected and admired Bernie Madoff was a crook. But no one would listen.
This is the thrilling, perfect tale of the pursuit of the greatest financial criminal in history. The incredible investigation takes listeners inside the financial industry, revealing the never-before-told tales behind the headlines. No One Would Listen is the frighteningly right tale of massive fraud, governmental incompetence, and criminal collusion that has changed thousands of lives forever—as well as the world’s financial system.Amazon.com Review
Harry Markopolos and his team of financial sleuths chat about first-hand how they cracked the Madoff Ponzi scheme
No One Would Listen is the exclusive tale of the Harry Markopolos-lead investigation into Bernie Madoff and his $65 billion Ponzi scheme. While a lot has been written about Madoff’s scam, few really know how Markopolos and his team-affectionately called “The Fox Hounds” by Markopolos himself, uncovered what Madoff was doing years before this financial disaster reached its pinnacle. Sorry to say, no one listened, until the hurt of the world’s largest financial fraud ever was irreversible.
Since that time, Markopolos openly has testified and questioned the enforcement and fraud investigation capabilities of the Securities and Exchange Commission (SEC), shared a sliver of this page-turning tale with 60 Minutes, and become perhaps the world’s most visible and insightful whistleblower on fraud and conflicts of interest in financial markets.
Throughout the book, Markopolos and his Fox Hounds tell their first-hand tale of investigating Madoff-with the help of bestselling leader David Fisher. They clarify how they learned the fraud, and then how they provided credible and detailed evidence to major newspapers and the Securities and Exchange Commission (SEC) many times between 2000 and 2008, only to have his warnings ignored repeatedly by the SEC.
- Provides a firsthand account of how Markopolos uncovered Madoff’s scam years before it really fell apart
- Discusses how the SEC missed the red flags raised by Markopolos
- Describes how Madoff was enabled by investors and fiduciaries alike
- The only book to tell the tale of Madoff’s scam and the SEC’s failings by persons who saw both first hand
Despite repeated written and verbal warnings to the SEC by Harry Markopolos, Bernie Madoff was allowed to continue his operations. No One Would Listen paints a plain portrait of Markopolos and his determined team of financial sleuths, and what impact they will have on financial markets and financial regulation for decades to come.
A Timeline of a Take-Down
Amazon-exclusive content from leader Harry Markopolos
How long did it take to uncover and expose a $40 billion crook? Ten years.
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1998-1999
• 1998: My Firm “discovers” Bernie Madoff
• Late 1999: I am questioned to back engineer Madoff’s returns
2000
• I knew he was a fraudster in 5 minutes
• May: Submission to SEC Boston Regional Office’s Director of Enforcement with 12 Red Flags
2001
• January: Team Member Frank Casey recruits MAR Hedge investigative journalist Michael Ocrant onto the team during a chance meeting in Barcelona, Spain
• March: My 2nd SEC Submission on how I reflect Madoff is running the scheme and his investment process
• I offer to go undercover to help the SEC
• Apr: Michael Ocrant interviews Madoff
• May: MAR Hedge publishes Madoff expose, “Madoff Tops Charts; skeptics question how”; Barron’s publishes, “Don’t Question, Don’t Tell: Bernie Madoff is so secretive, he even questions investors to keep mum”
2002
• Jun: Key trip to UK, France & Switzerland; met with 20 Fund of Funds & Private Client Banks: 14 have Madoff and report “special access to Madoff”; two have admitted Madoff losses – Dexia Asset Management and Fix Family tree Office; 12 have not admitted Madoff losses and all 12 were turned into SEC Chairwoman on Feb. 5, 2009; off-Shore funds attract three types of investors who won’t report losses or file SIPC claims with the US government
2003-2004
• E-mail records of investigation lost; attempting to recover data from non-functioning hard drives
2005
• Jun: Frank Casey discovers Madoff attempting to borrow money from European banks (first sign that Madoff scheme is in distress)
• Oct: Boston SEC’s Ed Manion arranges for 3rd SEC Submission
• Oct: Meeting with Boston SEC Branch Chief Mike Garrity, who quickly investigates, finds irregularities, and forwards my submission to SEC’s New York Office
• Nov: Boston Whistleblower calls NYC Branch Chief Meaghen Cheung and reveals his identity
• Nov: 29 Red Flags submitted
• Dec: I doubt NYC SEC’s ability, dread for my life, and contact Wall Street Journal and go to local law enforcement for protection
2006
• Jan: Vital Partners’ $40 million derivatives Ponzi Scheme goes to examination five years and five months after discovery, causing us to further doubt SEC competence
• Sep: Chicago Board Options Exchange VP tells me that several OEX option traders also reflect Madoff is a fraudster; if SEC had called the CBOE’s marketing office, they would have cooperated
2007
• Feb 28: Neil Chelo obtains a Madoff portfolio which shows zero ability to earn a return
• Jun: Casey obtains Wickford Fund LP prospectus showing Madoff is fleeting of cash and offering a 3:1 leverage via bank loans, another clear warning sign that Madoff is running fleeting of cash
• Jul: Chelo obtains Fairfield Greenwich Sentry LP financial statements for 2004 – 2006 and discovers three year-end audits with three different auditors in three different countries!
• Aug: Chelo conducts a 45 minute telephone interview with Fairfield Greenwich’s head of risk management; hedge funds all lose money except for Madoff!
2008
• Apr 2: Undelivered e-mail to Sokobin, SEC’s Director of Risk Assessment, entitled, “$30 Billion Equity Derivatives Hedge Fund Fraud in New York”
• Dec 11: Madoff runs out of money, turns himself in
• Dec 12: SEC insider calls me and warns “watch your back, Operation Take in-up has begun.”
2009
• Feb 4: My U.S. House testimony followed by SEC’s senior staff and FINRA acting CEO
• Sep 4: 477-page SEC IG Report on the Madoff Fiasco unrestricted
• Sep 10: I testify before US Senate Banking Committee with SEC IG
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Kindle books should be $9.99 not $13.83. Ironic, isn’t it, that this is a book about greed?
Reader’s Rating: 1 / 5
$14.71 for Kindle version and $16.34 for hardback version. The Kindle community is just not that stupid.
Reader’s Rating: 1 / 5
When I saw the authors interview on The Daily show I came right to Amazon to grab the book for my Kindle but there is no way on planet that I’m paying $17 for an eBook. This book might drop down to around $8 eventually but don’t count on me remembering it that long.
Reader’s Rating: 1 / 5
The pricing of this e-book appears to be the way things are going. It ongoing at #13.83 and climbed to $14.71. At tbe current fee, we are looking at appx 50% more than what it would have been under the policy that Amazon used to induce thousands of people to buy Kindles.
It looks to me as if Amazon fought a fake war against a single publisher to get out from under it’s $9.99 pricing policy. It makes a lot more at these fee levels and they fought the war in my view to be able to say “we fought for you, but lost – we tried”.
By all that’s right and honest, they should issue huge credits to people who relied on the ex- pricing policy. I’m not gonna pay 50% and I urge everyone else to avoid these prices.
Reader’s Rating: 1 / 5
Stunned to see near-zero cost electronic copy of a hardback for $15.71. Amazon sells Michael Lewis much more readable The Huge Fleeting for $15.00 for the perfect hardback book. Shun digital greed by passing this one up.
Reader’s Rating: 1 / 5