No One Would Listen : A True Financial Thriller - Harry Markopolos

No One Would Listen

A True Financial Thriller

By: Harry Markopolos

Paperback | 28 January 2011 | Edition Number 1

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Harry Markopolos and his team of financial sleuths discuss first-hand how they cracked the Madoff Ponzi scheme

No One Would Listen is the thrilling story of how the Harry Markopolos, a little-known number cruncher from a Boston equity derivatives firm, and his investigative team uncovered Bernie Madoff's scam years before it made headlines, and how they desperately tried to warn the government, the industry, and the financial press.

Page by page, Markopolos details his pursuit of the greatest financial criminal in history, and reveals the massive fraud, governmental incompetence, and criminal collusion that has changed thousands of lives forever-as well as the world's financial system.

  • The only book to tell the story of Madoff's scam and the SEC's failings by those who saw both first hand
  • Describes how Madoff was enabled by investors and fiduciaries alike
  • Discusses how the SEC missed the red flags raised by Markopolos

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 vivid portrait of Markopolos and his determined team of financial sleuths, and what impact Madoff's scam will have on financial markets and regulation for decades to come.

About the Author

HARRY MARKOPOLOS, a former securities industry executive turned independent financial fraud investigator, was the whistleblower who provided credible and detailed evidence several times from 2000 2008 that should have prompted an immediate investigation by the United States Securities and Exchange Commission into Bernie Madoff's $65 billion Ponzi scheme. Markopolos's investigation was assisted by his investigative team, including Frank Casey, Neil Chelo, and Michael Ocrant. The retelling of their true story was assisted by David Fisher.

Industry Reviews

"... updated account of his struggle to alert authorities to Madoff's crimes." (Guardian, February 2011)

[STARRED REVIEW] Markopolos, the whistleblower who filed five unheeded complaints against Ponzi king Bernie Madoff over nine years, has produced an astonishing true-life whodunit set amidst the personalities, plots, and international intrigue of Wall Street. Having collected damning information on money manager Madoff-the respected co-founder of NASDAQ who ran the largest financial scam in history-since 1999, Markopolos's work as a chartered financial analyst and certified fraud examiner, aided by an industry journalist and two colleagues from his days as a derivatives portfolio manager, lays bare the Security and Exchange Commission (SEC) as a tragically inept regulating agency that "didn't give a rat's ass about protecting investors," and seemed to consider Madoff "just another guy cutting some corners." Realizing he had not one but two powerful opponents-"Madoff and this nonfunctioning agency"-Markopolos refused to give up, despite fearing for his life and his family; accordingly, he transmits his team's determination and fascination in contagious detail. The hows and whys of Madoff's eventual arrest, Markopolos's subsequent appearances before Congress, and the carnival of press coverage makes a satisfying conclusion to this strange epic; Markopolos also includes complete documentation of his formal submissions to the SEC, plus his recommendations for much-needed reform at the agency. (Mar.) (PublishersWeekly.com, March 29, 2010)

"... a salutary tale and the detailed regulatory lessons offered in the epilogue deserve attention." (Financial Times, March 2010)

"... a highly readable account...." (Pensions Week, April 2010)

"... full of details about his dispiriting efforts to alert the authorities to Bernie Madoff's $65 billion fraud." (UK.Reuters.com, March 2010)

"... reads like a thriller, full of purple prose." (TimesOnline.co.uk, March 2010)

"This was easily the most exiting book I have read this year." (Actuary, September 2010)

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