Lubar Research and Centers

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An Insider's View of the Madoff Scandal
Frank R. Casey President, Fortune-USA  
September 29 2009

In 2000 Frank Casey, Harry Markopolos and Neil Chelo of Rampart Investments discovered the massive Ponzi scheme masterminded by former NASDAQ chairman Bernard Madoff. For a period of nine years, Markopolos dogged the U.S. Securities and Exchange commission with detailed information about the fraud. Yet the SEC took no action until the scheme collapsed in late 2008 and Madoff pleaded guilty to defrauding investors worldwide of over $50 billion. He was sentenced in June to a maximum of 150 years. Mr. Casey shared the inside story of how he and his colleagues exposed the Ponzi scheme and how their efforts to draw regulatory attention to the matter went unanswered. Frank Casey is currently the President of Fortune-USA, a leading, London-based alternative investment advisory firm offering customized portfolio management services for a range of private wealth management groups, family offices, and institutions.

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Tim Smunt, Dean, Lubar School of Business