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No One Would Listen: A True Financial Thriller Paperback – February 8, 2011

by Harry Markopolos (Author), Frank Casey (Contributor), Neil Chelo (Contributor),
4.3 4.3 out of 5 stars 898 ratings
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Harry Markopolos and his team of financial sleuths discuss first-hand how they cracked the Madoff Ponzi scheme

No One Would Listen is the thrilling story of how the Harry Markopolos, a little-known number cruncher from a Boston equity derivatives firm, and his investigative team uncovered Bernie Madoff's scam years before it made headlines, and how they desperately tried to warn the government, the industry, and the financial press.

Page by page, Markopolos details his pursuit of the greatest financial criminal in history, and reveals the massive fraud, governmental incompetence, and criminal collusion that has changed thousands of lives forever-as well as the world's financial system.

  • The only book to tell the story of Madoff's scam and the SEC's failings by those who saw both first hand
  • Describes how Madoff was enabled by investors and fiduciaries alike
  • Discusses how the SEC missed the red flags raised by Markopolos

Despite repeated written and verbal warnings to the SEC by Harry Markopolos, Bernie Madoff was allowed to continue his operations. No One Would Listen paints a vivid portrait of Markopolos and his determined team of financial sleuths, and what impact Madoff's scam will have on financial markets and regulation for decades to come.

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Previous page
  1. Print length
    354 pages
  2. Language
    English
  3. Publisher
    John Wiley & Sons Inc
  4. Publication date
    February 8, 2011
  5. Dimensions
    5.75 x 1 x 8.75 inches
  6. ISBN-10
    9780470919002
  7. ISBN-13
    978-0470919002
  8. See all details
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Editorial Reviews

From the Inside Flap

NEW YORK TIMES BESTSELLER

"How to improve financial regulation and reduce the federal budget deficit, all in one fell swoop? Fire the SEC. Hire Harry Markopolos."
—James Grant, Grant's Interest Rate Observer

Praise for the New York Times bestselling… USA Today bestselling… Wall Street Journal bestselling…

NO ONE WOULD LISTEN

"Harry Markopolos is a hero . . . The silver lining in the Madoff collapse, if there could be such a thing, is that for at least one moment in time, the SEC has been exposed. And for his role in making that happen, Harry Markopolos deserves all of our thanks."
—From the Foreword by David Einhorn, President and founder, Greenlight Capital, author of Fooling Some of the People All of the Time

"Reading Markopolos's fascinating account of his relentless pursuit of the man behind the world's largest fraud scheme, I could not help but marvel at the resemblance to my own story. Both Markopolos and I were by turns dogged, shocked, frustrated and treated like pariahs. . . . his account is a salutary tale and the detailed regulatory lessons offered in the epilogue deserve attention. Let us hope, this time, he gets it."
—Sherron Watkins, The Enron Whistleblower, as reviewed in the Financial Times

"No One Would Listen shows what it was like to see flames when most people did not. On five separate occasions starting in 2000, Mr. Markopolos made submissions to the Securities & Exchange Commission (SEC) about Mr. Madoff. His most detailed report, in 2005, outlined 30 reasons to suspect Mr. Madoff of being a fraud. The SEC's failure to follow up properly was horribly costly. The frustration of the outsider could not be better expressed."
—The Economist

For additional information and resources, visit www.noonewouldlisten.com

From the Back Cover

NEW YORK TIMES BESTSELLER

"How to improve financial regulation and reduce the federal budget deficit, all in one fell swoop? Fire the SEC. Hire Harry Markopolos."
?James Grant, Grant's Interest Rate Observer

Praise for the New York Times bestselling… USA Today bestselling… Wall Street Journal bestselling…

NO ONE WOULD LISTEN

"Harry Markopolos is a hero . . . The silver lining in the Madoff collapse, if there could be such a thing, is that for at least one moment in time, the SEC has been exposed. And for his role in making that happen, Harry Markopolos deserves all of our thanks."
?From the Foreword by David Einhorn, President and founder, Greenlight Capital, author of Fooling Some of the People All of the Time

"Reading Markopolos's fascinating account of his relentless pursuit of the man behind the world's largest fraud scheme, I could not help but marvel at the resemblance to my own story. Both Markopolos and I were by turns dogged, shocked, frustrated and treated like pariahs. . . . his account is a salutary tale and the detailed regulatory lessons offered in the epilogue deserve attention. Let us hope, this time, he gets it."
?Sherron Watkins, The Enron Whistleblower, as reviewed in the Financial Times

"No One Would Listen shows what it was like to see flames when most people did not. On five separate occasions starting in 2000, Mr. Markopolos made submissions to the Securities & Exchange Commission (SEC) about Mr. Madoff. His most detailed report, in 2005, outlined 30 reasons to suspect Mr. Madoff of being a fraud. The SEC's failure to follow up properly was horribly costly. The frustration of the outsider could not be better expressed."
?The Economist

For additional information and resources, visit www.noonewouldlisten.com

Product details

  • ASIN ‏ : ‎ 0470919000
  • Publisher ‏ : ‎ John Wiley & Sons Inc; Reprint edition (February 8, 2011)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 354 pages
  • ISBN-10 ‏ : ‎ 9780470919002
  • ISBN-13 ‏ : ‎ 978-0470919002
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 5.75 x 1 x 8.75 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 898 ratings

About the author

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Harry Markopolos

Harry Markopolos

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Harry Markopolos attended high school at Cathedral Prep in his hometown of Erie, Pennsylvania. He received his Bachelor of Arts degree in business administration from Loyola University of Maryland and then went on to Boston College for his Master of Science in finance degree. He received a reserve commission as a second lieutenant, Infantry, in the U.S. Army and is a graduate of several Army postgraduate schools, including the Infantry Officers ’ Basic and Advanced Courses, the Civil Affairs Officers ’ Advanced Course, and the U.S. Army Command & General Staff College. Mr. Markopolos has commanded troops at every rank from second lieutenant to major during 17 years of part-time service in the Maryland Army National Guard and Army Reserve. He earned his Chartered Financial Analyst designation in 1996 and his Certified Fraud Examiner designation in 2008. From 2002 to 2003 he served as president and CEO of the 4,000-member Boston Security Analysts Society. He has also held board seats on the Boston chapters of both the Global Association of Risk Professionals and the Quantitative Work Alliance for Applied Finance, Education and Wisdom (QWAFAFEW), a quantitative finance lecture group. He was assistant controller, assistant manager, store manager, and district manager for his family’s chain of 12 Arthur Treacher ’s Fish & Chips restaurants before joining Makefield Securities in 1987. In 1988 he joined Darien Capital Management in Greenwich, Connecticut, as an assistant portfolio manager, leaving to become an equity derivatives portfolio manager at Rampart Investment Management Company in Boston, Massachusetts. In 2002 he was promoted to Chief Investment Officer but decided to leave the industry in 2004 to pursue fraud investigations full-time against Fortune 500 companies in the financial services and health care industries. He brings fraud cases to the U.S. Department of Justice, Internal Revenue Service, and various state attorney generals under existing whistleblower programs.

The Madoff investigation, which he started in early 2000, was his first financial fraud case. He’s been hooked ever since.

Customer reviews

4.3 out of 5 stars
4.3 out of 5
898 global ratings

Top reviews from the United States

Roger J. Buffington
5.0 out of 5 stars Important and shocking, and a great read
Reviewed in the United States on October 1, 2010
Verified Purchase
Bernie Madoff perpetrated the largest known Ponzi Scheme of all time (forgetting Social Security). The question as to why a man like Madoff, who was a highly respected figure in the American financial world, would engage in this kind of fraud may never be known. Mr. Markopolos shows us in this well-written and important book that Madoff should have gotten caught many years before he finally was brought to justice. Madoff reported impossibly good financial results in his pseudo hedge fund for many years. The evidence was there to see, and I am still not clear as to why Madoff was not caught sooner.

Markopolos makes it clear that in reality many of Madoff's investors knew that what he was doing was not kosher. They simply believed that Madoff was trading on insider information or "front running" and that they, Madoff's investors, were the beneficiaries of this wrongful conduct. I am a trial lawyer experienced in investment fraud, and Markopolos is absolutely correct in this book when he says that no serious financial person could believe that a legally-run investment fund could show a twelve percent annual return, month after month (i.e. approximately 1% per month), year after year, as Madoff reported. Further, Madoff's CPA for his multi-billion dollar operation was a single-person CPA firm with no financial reputation whatever. These two facts should have alerted even the most blunted observer. But Madoff's investors either did not understand finance, or in many cases they understood only too well that Madoff could not obtain the returns he was reporting honestly. They just assumed they, his investors, were the beneficiaries, not the victims, of Madoff and his scheme. No one knows what the SEC was thinking, or if it was thinking.

The SEC comes in for savage criticism by Markopols. Markopolis repeatedly reported Madoff to the SEC, and every time he was ignored. As a lawyer I have to agree with the author when he points out that the SEC fraud division, which is comprised largely of lawyers, is unqualified for the work that it is supposed to do. Lawyers have a completely different skill set than the type of "quant" experts who understand complex financial derivative products. (That is why we use expert witnesses in fraud trials.) The author points out that Madoff reportedly claims that every time an SEC investigator came by his office to ask questions, the SEC person would ask Madoff's receptionist for a job application. Pretty disappointing.

Mr. Markopolos makes an interesting comment when he wonders if the investing public would not be better off without SEC regulation. Then, he argues, at least the public would not be lulled into believing that the regulators were protecting them. However, the main message of Markopolos' book is pushing for regulatory reform rather than reliance upon free markets--more regulation, not less. Readers may make up their own minds.

I thought that Markopolos came across as sincere and intelligent. Some have claimed that he was overly paranoid when he felt that his life was in danger as a result of his whistleblowing. But Madoff's scheme reportedly involved over 50 billion dollars. People have been killed for a lot less. Often, investors in Ponzi Schemes do not want the boat rocked, and Markopolos was trying very hard to sink Madoff's ship.

This is an important book and a great read. Highly recommended. RJB.
7 people found this helpful
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D. Smith
4.0 out of 5 stars Excellent Read
Reviewed in the United States on April 3, 2010
Verified Purchase
I am not a fan of business books usually, however a retelling by Markopolos of the fraud of Bernie Madoff is astonishing in its depth and breadth. While it reveals Markopolos's motivations and subsequent 'hobby' investigation into Madoff, it reveals that he did nothing to bring Madoff down. None of his submissions were taken seriously by the SEC so I found his narrative rather self-aggrandizing for having no impact in the process. Which obviously explains why the fall of Bernie takes up only half of the book.

That being said when the fall comes Markopolos gets the Chicken Little award for being right and having the inexhaustible research available to show that he was right and communications to the SEC to show they wouldn't listen. And for me this was the gem of the book. Why would the SEC ignore Markopolos? Judging from what I have seen on his subsequent interviews his personality might have something to do with it. He is abrasive. Quick witted. Obviously very intelligent but not that likeable. He was the guy in high school that did well but no one wanted anything to do with. He is the type of guy that finds his place in the world where personality is not a key feature to success. And that is a shame! As as far as I can see Markopolos was fighting a battle not based on fact but psychology. The powers at the SEC that could have listened didn't pay attention to the message because they didn't like the personality of the messenger.

Rightfully Markopolos spends the second half of the book outlining the failures of the SEC and his efforts to try and make them listen. And this is the most fascinating part of the book. That an organization which stated mission is to protect the investor but which bends toward the investment community instead is not surprising but that it completely ignores the investor is. Markopolos is exactly right that they had the wrong mix of people to discover, understand, and eventually expose the fraud. Having worked in an energy regulatory organization for a number of years it was always surprising to me the people who would get the ear of the organization and those who would be ignored. With few exceptions it paralleled Markopolos's experience.

What I found disappointing in the book was that the full involvement of Madoff's family - wife, brother and sons is never really addressed but as Markopolos states he cannot conceive of Madoff being able to administer this Ponzi scheme without a substantial staff. There was so much deceptive paperwork that had to be constructed that you have to wonder how many people were involved and what they knew.

A great read and worth the price for the appendices alone.
6 people found this helpful
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Top reviews from other countries

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PL
5.0 out of 5 stars Quando la burocrazia e l’avidità rendono ciechi
Reviewed in Italy on August 1, 2021
Verified Purchase
Uno spaccato di wall street non proprio edificante. Tutti quelli che dovevano vedere non volevano vedere.
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Arpan Banerjee
5.0 out of 5 stars A unique peek
Reviewed in India on September 23, 2018
Verified Purchase
This is a unique peek into the mind of a simple man with a razor sharp mind.how he dared to face insurmountable odds to investigate the Madoff Ponzi Scheme.
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Andy Clatworthy
5.0 out of 5 stars Could not put it down
Reviewed in Australia on June 15, 2022
Verified Purchase
A must read! I could not put this book down. What is really interesting in this book is that Harry includes his submission to the SEC right at the end which was highly detailed and worth reading. I suggest reading the book first and then reading Harry’s submission to the SEC. The submission is written in a detailed technical way which upon reading should have raised a lot of intrigue at the SEC to at least go “Hey, we maybe need to ask a few more questions here and find some smart people who can actually tell us what is going on here as this super smart guy is saying this just can’t be true”. If something is too good to be true it often is. Harry + the team were on the money.
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Amazon Kunde
5.0 out of 5 stars Fraud is "easy" to recognized
Reviewed in Germany on July 7, 2016
Verified Purchase
Great book recommended to everybody interested in financial fraud examination. Harry Markopolos has provided the reader with an extensive research evidence against B.M.'s Ponzi scheme. It is also a good opportunity to learn more about option trading strategies that are nicely described throughout the book.
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Harry Bosch
5.0 out of 5 stars the business/finance role models !
Reviewed in the United Kingdom on February 10, 2015
Verified Purchase
Harry realised eventually that many people/organisations knew that Bernie was not legit, but they all turned a blind eye. This week, 9th february 2015, we are being told about the role of the HSBC bank in tax evasion with their private clients in Switzerland.We only found out because of a whistleblower.
Over the last few years I have read many books about corporations, economics/finance and tax evasion. It has made for grim reading. Is there a market that has not been fixed ? Is there a major political party that refuses funding from these corporations ? Remember the old proverb - "he who pays the piper, calls the tune."
Is there now any major difference between organised crime and what these guys get up to ?
Keep on searching for the bad guys Harry ; I am sure your work will never dry up.
Suggestions for reading : "Treasure Islands", books by Ha-Joon Chang, "the great tax robbery" by Richard Brooks and subscribe to Private Eye magazine to keep up to date with all the new revelations about wrong-doing in the business/financial nexus.
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