BUSINESS
03/07/2009 05:12 am ET | Updated May 25, 2011

Madoff Whistleblower: There Are Other Ponzi Schemes Out There

The private fraud investigator who tried for years to ignite a federal investigation of Bernard L. Madoff told lawmakers on Wednesday that he had discovered another possible fraud that he would report to regulators on Thursday.

The witness, Harry Markopolos of Boston, said at a House subcommittee hearing that he would alert the Securities and Exchange Commission to the fraud, a $1 billion Ponzi scheme he has uncovered. Neither he nor his lawyers would provide any additional details.

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