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Whistleblower On Madoff Rocks Mainstream Media

March 4, 2010 (By Bud Burrell)

Harry Markopolos’ Book: “No One Would Listen”

– From “Front and Center”, by C. Austin Burrell –

This week, Certified Fraud Examiner Harry Markopolos announced the release of his new book, “No One Would Listen”, about the complete stonewall he hit with US Government Regulators including the SEC and FINRA. He told his story in his typical low key and very professional manner, making his message all the more devastating.

I am sure that SEC, FINRA and other officials to whom he reported his findings on the scope of the Madoff fraud felt footfalls on their graves.

Starting with CNBC, and then going to Matt Lauer, CNN and FOX News, he recounted his story of his discovery of the Madoff fraud, which had been ongoing for many years, when he examined the claimed performance of Madoff’s split strike price conversion strategy, and his quick realization that he claimed performance that would have simply been impossible to produce. He recited the sequence of events that led him to conclude within 30 minutes that Madoff was a fraud. It is where it went from there that no one except people who had faced similar risks could imagine. [entire post]

Tags: book, conversions, finra, harry markopolos, lawyer misconduct, madoff, no one would listen, reverse conversions, sec, short selling, split strike price, threats
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Counterfeiting A To Z: Redux From July, 2008

June 21, 2009 (By Bud Burrell)

From “Front & Center”, by Bud Burrell

Over Eighty (80) Years of COUNTERFEITING, COUNTERFEITING, COUNTERFEITING, Ad Infinitum, Ad Nausea

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Senator Bennett used the word the word EIGHT (8) times in the broadcast meeting of the Senate Banking Committee with Paulson, Bernanke, and Cox. He directed most of his comments directly to Honorable Chairman Cox, who reacted with about 40 tells indicating he was being less than completely honest at best, constantly touching his lips, eyes, ears, and mouth. In my basic training in interrogation, such actions were a major RED FLAG. Maybe a little recitation of the case history of Counterfeiting would be helpful here. There is nothing here not contained in my previous writings, but a linear recitation could be of value to others with a single focus.

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The modern history of counterfeiting of commercial securities began over 80 years ago. It started with the wholesale traditional counterfeiting of stock certificates to support the short selling activities of more than 500 pools comprised of the assets of the wealthiest individuals in this country at the time, over a 3 year period leading to the October, 1929 Raid-related Crash.

The refinement of the earliest photo lithography made it possible to produce reasonably high quality counterfeit stock certificates duplicating the real ones. These certificates could then be loaned to short sellers to create a required “borrow” to secure the margined short, especially useful when stocks were tightly held. The manual back offices of the brokerage firms never knew the difference, and they never saw what hit their companies until it was too late. [entire post]

Tags: 18 usc 514, 1929 Raid, 22a, 46, 6, arbitrage exemption, baruch, cjs 22, counterfeit proxies, counterfeiting, criminal methods, elgindy, fasb rules deregistration bankruptcy, fdr, grandfathering, hedge fund exemption, holding company act, investment company act, locate v. borrow, market maker exemption, oil and gas scandal 1970's, paper hangers, proxies, reverse conversions, rico, sale of unregisterd securities, section 5, securities act 1933, sedition, virtual, watered stock
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