Quote:
Originally Posted by Brian Carlton
He never figured out the scheme. He did see some anomalies that would result in returns that could be nowhere near the claimed 12% and he also saw a consistent return over many years which is basically impossible.
Unfortunately, his concerns fell on deaf ears.
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I didn't watch the video but I just read the article and this passage certainly stands out....
" "What I found out from my dealings with the SEC over eight and a half years is that their people are totally untrained in finance; they're unschooled; they're un-credentialed. Most of them are just merely lawyers without any financial industry experience," Markopolos said.
"Well, if the people there aren't trained in securities work, what are they trained in?" Kroft asked.
"How to look at pieces of paper that the securities laws require. They can check every piece of paper perfectly and find misdemeanors, and they'll miss all the financial felonies that are occurring because they never look there," Markopolos replied. "Even when pointed to fraud, they're incapable of finding fraud."
No one at the SEC would talk to
60 Minutes on the record about Markopolos' allegations. "