Madoff Whistleblower Blasts SEC

Fraud investigator Harry Markopolos blamed the Securities and Exchange Commission's "financial illiteracy" for failing to heed his warnings about money manager Bernard Madoff.

Mr. Markopolos had warned the SEC for nearly a decade that Mr. Madoff was operating a Ponzi scheme. Mr. Markopolos is set to testify before a House committee Wednesday, and 311 pages of his written testimony became public Tuesday evening.

In the documents, Mr. Markopolos described his efforts like a military intelligence operation. He said he and his team of investigators collected "intelligence reports" from field operatives and developed networks of contacts to provide information on Mr. Madoff's operation and the feeder funds that brought investors to the Madoff money-management business.

Markopolos Blasts SEC for 'Financial Illiteracy'

Text of Markopolos testimony

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