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Timeline of Harry Markopolos' Investigation of Madoff Investment Scheme

Jan 2006
Nov 1999 May 2001
Integral Partners, $40 million
Michael Ocrant publishes Madoff derivatives Ponzi scheme, goes to
Frank Casey, colleague at Rampart
Tops charts; skeptics ask how trial, 5 years and 5 months after
Inv. Mgmt., discovers BM*
Jun 2005 its discovery causing us to further
doubt SEC effectiveness
May 2007 Aug 2007
Nov 1999 May 2001 Casey discovers that
BM is attempting to Neil Chelo of Rampart
Rampart directs me to reverse borrow money at Oct 2005 obtains February 28, Chelo has opportunity to interview
engineer BMs strategy* Michael Ocrant publishes, Barrons European Banks. 2007 portfolio of BM Fairfield Sentrys head of risk
publishes Dont Ask, Dont Tell: This is the first I meet with Boston trading positions; management who displays a
Bernie Madoff is so secretive, he even indication that the SEC Branch Chief portfolio shows no startling lack of acumen
Feb 2000 asks investors to keep mum" scheme is running Mike Garrity ability to earn a
short of funds. positive return*
My four (4) hours of research proves Aug 2007
mathematically that BM is fraudulent* May 2001 Oct 2005
Jun 2007 Hedge funds all have losses this
SECs Ed Manion month except for BM
May 2000 Barrons publishes - Harry, Neil
and Frank are amazed that BM
arranges for 3rd case This prospectus is e-mailed
submission to SEC New York offices
survives both the MAR Hedge and Meaghan Cheung
I submit 8-page
document to SEC
Barrons articles 2008
Boston Regional
Oct 2005 Jun 2007 Global markets dive, entire
Offices Director of
Jun 2002 investigating team loses interest and
SECs Mike Garrity is busy with more pressing matters
Casey obtains Wickford
Key marketing investigates
Sep 2001 trip to London,
Fund LP prospectus
showing that BM is now so
Apr 2001 SEC Boston offices
Paris, Geneva &
Zurich where I
short of cash that he is Apr 2008
offering a 3:1 leverage
Ed Manion calls to ask
me to re-submit the
discover that
Europeans are
Nov 2005 swap to obtain new funds Jonathan Sokobin, SECs Director of Risk
Ocrant starts Assessment, calls me per the
Madoff Case likely BMs
researching I make third SEC recommendation of a mutual friend
largest investors
the BM story Submission to SEC Jul 2007
for New York offices
MARHedge Oct 2001 Meaghan Cheung Apr 2008
magazine* 2003 Chelo obtains Greenwich
Sentry LP Financial Statements
I make second for 2004-06; Auditors are I send Mr. Sokobin my last SEC
SEC submission Investigation different for each of the 3 Submission and quit the investigation
consisting of
original 8-page
continues: e-mail
records lost
Nov 2005 years which is very odd

May 2000
submission plus 3
SEC Boston offices
Sep 2006 Sep 2008
Mike Garrity puts me
additional pages
in contact with SEC Stock Markets crumble
and 2 page
Investment 2004 New York office Chicago
and panicked investors
Process explained rush to redeem*
continues: e-mail
Marketing VP
2002 records lost
Dec 2005 tells me that Dec 2008
several OEX
Investigation option BM confesses and turns
I start to doubt NY traders also
continues: himself in after running
SEC and contact believe that
e-mail records out of cash to meet
WSJ Washington BM is a
lost investor redemptions
Bureau fraudster

Sep 1999 Jan 2000 Jan 2001 May 2001 Jan 2002 Jan 2003 Jan 2004 May 2005 Sep 2005 Jan 2006 May 2006 May 2007 Jan 2008 May 2008 Sep 2008

2002 2003 2004

SEC Involvement Permitted for
Investigation continues: Investigation Investigation
continues: e-mail public use
e-mail records lost continues: e-mail
records lost records lost Other
Warning signs