The new documentary Chasing Madoff is about Harry Markopolos, half crusader, half cuckoo, whose warnings about Ponzi-schemer Bernie Madoff were ignored by the SEC for years. The next big financial scam, according to Markopolos, is foreign exchange fees fraud:
"'The investment managers were saying they're reporting this much and the pension funds were saying we're receiving this much. The gap should've only been fees but there was something extra missing, 30 basis points for currency overcharges.'
"Markopolos said the Madoff case was 'a total wakeup call' for the SEC, which now has more financial examiners to go with all the lawyers. It 'remains to be seen if [the SEC] becomes a credible law enforcement agency. If they're not doing big cases 18 months from now, we have a big problem.'"
By Margo D. Beller
August 28, 2011 | CNBC
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