Madoff whistleblower softens criticism of SEC - KAIT Jonesboro, AR - Region 8 News, weather, sports

Madoff whistleblower softens criticism of SEC

BOSTON (AP) - A man who for years tried to warn federal financial regulators that Bernard Madoff was running a giant Ponzi scheme says the Securities and Exchange Commission is getting better at policing the industry, but needs to improve even more.

Harry Markopolos said at a business ethics conference at Suffolk University in Boston on Thursday that the SEC's changes have been "evolutionary, not revolutionary."

He said "it's not good enough" and that Wall Street can't police itself.

Markopolos, a private fraud investigator, tried to warn the SEC that Madoff's investment strategies did not make sense, but his concerns went unheeded. After Madoff was exposed, Markopolos became highly critical of the SEC.

Madoff is serving a 150-year sentence for running the $65 billion scheme.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

BOSTON (AP) - A man who for years tried to warn federal financial regulators that Bernard Madoff was running a giant Ponzi scheme says the Securities and Exchange Commission is getting better at policing the industry, but needs to improve even more.

Harry Markopolos said at a business ethics conference at Suffolk University in Boston on Thursday that the SEC's changes have been "evolutionary, not revolutionary."

He said "it's not good enough" and that Wall Street can't police itself.

Markopolos, a private fraud investigator, tried to warn the SEC that Madoff's investment strategies did not make sense, but his concerns went unheeded. After Madoff was exposed, Markopolos became highly critical of the SEC.

Madoff is serving a 150-year sentence for running the $65 billion scheme.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Region 8 News</span><a class="customMoreLink" href="/Global/category.asp?C=4391" target="_top">More >></a>Region 8 NewsMore>>

  • Arkansas AG approves wording for ballot measures

    Arkansas AG approves wording for ballot measures

    Thursday, May 24 2018 4:34 AM EDT2018-05-24 08:34:53 GMT
    Arkansas AG Leslie Rutledge (Source: Attorney General's Office)Arkansas AG Leslie Rutledge (Source: Attorney General's Office)

    Arkansas' attorney general has approved the wording for ballot measures that would raise the minimum wage, legalize casinos and change the redistricting process.

    Arkansas' attorney general has approved the wording for ballot measures that would raise the minimum wage, legalize casinos and change the redistricting process.

  • breaking

    JPD investigating shooting in Caraway Road area

    JPD investigating shooting in Caraway Road area

    Wednesday, May 23 2018 11:39 PM EDT2018-05-24 03:39:17 GMT
    Wednesday, May 23 2018 11:43 PM EDT2018-05-24 03:43:53 GMT
    (Source: Raycom Media)(Source: Raycom Media)

    According to the Jonesboro Police Department Desk Sergeant, authorities are investigating a shooting Wednesday night. 

    According to the Jonesboro Police Department Desk Sergeant, authorities are investigating a shooting Wednesday night. 

  • Truck driver tells story of I-40 police chase

    Truck driver tells story of I-40 police chase

    Wednesday, May 23 2018 11:05 PM EDT2018-05-24 03:05:25 GMT
    Wednesday, May 23 2018 11:37 PM EDT2018-05-24 03:37:40 GMT
    Arkansas State Police are investigating a police chase this week on I-40 near West Memphis where a man died. (Source: WREG-TV)Arkansas State Police are investigating a police chase this week on I-40 near West Memphis where a man died. (Source: WREG-TV)
    Arkansas State Police are investigating a police chase this week on I-40 near West Memphis where a man died. (Source: WREG-TV)Arkansas State Police are investigating a police chase this week on I-40 near West Memphis where a man died. (Source: WREG-TV)

    The scene during a police chase earlier this week on I-40 in Crittenden County near West Memphis was something like a Hollywood movie, a truck driver who saw the situation happen said Tuesday. 

    The scene during a police chase earlier this week on I-40 in Crittenden County near West Memphis was something like a Hollywood movie, a truck driver who saw the situation happen said Tuesday. 

Powered by Frankly