Markopolos Says Madoff Losses Probably $15 Billion-$25 Billion

Date: Wednesday, February 4, 2009
Author: Steve Geimann, Bloomberg.com

Harry Markopolos said losses linked to Bernard Madoff’s alleged fraud are probably $15 billion to $25 billion, rather than the estimated $50 billion.

Markopolos, testifying to a House Financial Services Committee panel today, said the higher total reflects purported returns. Markopolos tried for nine years to get the Securities and Exchange Commission to investigate Madoff.