A Symbolic Toast For Harry Markopolos
Whistleblower Attorney Tony Munter discusses why Harry Markopolos deserves to be celebrated as his reports on the Madoff Ponzi scheme helped pave the way for the Dodd-Frank Act and other whistleblower laws.
Well, the qui tam bar is holding up a symbolic glass in the air and toasting Harry Markopolos today.
Back in the day, on the Daily Show, Mr. Markopolos was angry and took it out on Lawyers, the SEC, and everyone else. He had a point.
He had reported to the SEC the biggest financial Ponzi scheme…well, since Ponzi…and nothing happened—not until Bernie Madoff managed to rip off so many people that jail was probably the safest place for him to go. Markopolos had warned everyone but, as he wrote, nobody listened.
After it all came crashing down, Mr. Markopolos kept going.
It is no exaggeration to say that, absent the insanity of the Madoff scandal, we might not have the Whistleblower laws created under the Dodd-Frank Act.
Now that there are state whistleblower laws and an SEC whistleblower law we have a place to fight.
Mr. Markopolos just hit big against the Bank of New York Melon and you can read about it here.
So, tip your cap or raise your glass.