Markopoulos concluded that it was impossible on the basis of quantitative financial reasoning, just as I had done before I began my investigation that proved fraud. Though he didn’t establish that the individual trades were faked, even without that smoking gun his arguments were overwhelmingly persuasive. For the next ten years Markopoulos attempted to get the SEC to investigate, but it brushed him aside repeatedly, cleared Madoff after superficial investigations, and quashed a request from the Boston office, prompted by Markopoulos, to investigate Madoff Investment as a possible Ponzi scheme.
Markopoulos was an angry ranter in his letters to the SEC. should’ve used Thorp’s approach (more of a smoking gun) and tone of language.
