Bernie Madoff's $65 Billion Lie — and the Phone Call Nobody Made
In October 2007, Bernie Madoff told an audience that in today's regulatory environment it was "virtually impossible to violate rules." Fourteen months later he confessed that his investment business was "basically, a giant Ponzi scheme." His customers' statements showed $64.8 billion. Behind them, prosecutors said, there had been no real trades at all.
Starting in 1992, the SEC received six detailed complaints about him — including Harry Markopolos's 2005 memo, "The World's Largest Hedge Fund is a Fraud." It ran two investigations and three examinations, and never once checked with an…
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