As I pointed out earlier, the SEC completely missed Bernie Madoff's $50 billion Ponzi scheme, despite the fact that money manager Harry Markopolos, who also is a financial fraud investigator and associate member of the Greater Boston Chapter of the Association of Certified Fraud Examiners, had been begging the SEC for 10 years to investigate Madoff.
But, Madoff wasn't the only private sector operator who smelled a rat. Without SEC privileges to look at books, subpoena records and the like, Aksia, LLC, a hedge fund research firm, advised clients not to invest with Madoff.
Here's Aksia CEO Jim Vos explaining some of the red flags that Aksia spotted, but apparently did not raise curiosity at the SEC:
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