In 1999, an investment advisor named Harry Markopolos warned the Securities and Exchange Commission that Bernard Madoff was "running the world's largest Ponzi scheme." The SEC has closed several investigations without taking action, and SEC Chairman Chris Cox is investigating 10 years of regulatory failure. But what about the investors? Madoff himself reportedly says that banks, hedge funds, charities and wealthy people all over the world have been taken for $50 billion.
KCRW
