Mass. Investigator Warned SEC About Madoff

A Massachusetts investigator who spent years trying to warn regulators about alleged Ponzi scheme manager Bernard Madoff will testify before Congress today.

Harry Markopolos of Whitman says he was alerting officials at the Securities and Exchange Commission about problems in Madoff's operations as far back as 2000, but was repeatedly ignored.

Markopolous says part of the problem is regulators lack the financial expertise to notice problems.

He also says the lack of action led him to fear for his safety, because Madoff was such a powerful figure on Wall Street.

Five SEC officials are scheduled to testify after Markopolos at the hearing.

This program aired on February 4, 2009. The audio for this program is not available.