February 04, 2009

Fraud investigator Harry Markopolos blamed the Securities and Exchange Commission's "financial illiteracy" for failing to heed his warnings about money manager Bernard Madoff, the Wall Street Journal reports.

Mr Markopolos had warned the SEC for nearly a decade that Mr. Madoff was operating an alleged Ponzi scheme. Mr. Markopolos is set to testify before a House committee on Wednesday, and 311 pages of his written testimony became public on Tuesday evening.