Assessing the Madoff Ponzi Scheme and Regulatory Failures–U.S. House Financial Services Committee Testimony

Feb 10, 2009

Assessing the Madoff Ponzi Scheme and Regulatory Failures
	Wednesday, February 4, 2009, 9:30 a.m., 2128 Rayburn House Office Building Capital Markets

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Kanjorski Announces Hearing on Madoff’s Ponzi Scheme Washington, DC – Congressman Paul E. Kanjorski (D-PA), the Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises will convene a hearing on Wednesday, February 4, 2009, to assess the alleged $50 billion investment fraud engineered by Mr. Bernard L. Madoff. This is the second in a series of hearings that will help to guide the work of the Financial Services Committee and the Capital Markets Subcommittee in the 111th Congress in undertaking the most substantial rewrite of the laws governing the U.S. financial markets since the Great Depression.
	Witness List & Prepared Testimony: Panel One Mr. Harry Markopolos, an independent financial fraud investigator for institutional investors and others seeking forensic accounting expertise, as well as a Chartered Financial Analyst and Certified Fraud Examiner Panel Two Ms. Linda Thomsen, Director, Division of Enforcement, U.S. Securities and Exchange Commission Mr. Andrew J. Donohue, Director, Division of Investor Management, U.S. Securities and Exchange Commission Mr. Erik Sirri, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission Mr. Andy Vollmer, Acting General Counsel, U.S. Securities and Exchange Commission Ms. Lori A. Richards, Director, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission Mr. Stephen Luparello, Interim Chief Executive Officer, Financial Industry Regulatory Authority Available Member Statements: Chairman Kanjorski, Congresswoman Bachmann