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The whistleblower who uncovered the $65 billion Bernie Madoff Ponzi scheme has identified the insurance industry as the next big sector for major financial fraud to come to light.
Independent financial investigator Harry Markopolis says he intends to make public “some large insurance fraud cases” in 2017 that are going to be in the tens of billions of dollars each.
He says he hopes the cases will be the catalyst for reform, congressional hearings and national regulation of insurance.
He makes some interesting points in the article linked below, but I think he faces a stiff uphill battle if he wants to eliminate state insurance commissioners in favor of federal regulation.
Bernie Madoff whistleblower Harry Markopolos insurance industry fraud - Business Insider
Independent financial investigator Harry Markopolis says he intends to make public “some large insurance fraud cases” in 2017 that are going to be in the tens of billions of dollars each.
He says he hopes the cases will be the catalyst for reform, congressional hearings and national regulation of insurance.
He makes some interesting points in the article linked below, but I think he faces a stiff uphill battle if he wants to eliminate state insurance commissioners in favor of federal regulation.
Bernie Madoff whistleblower Harry Markopolos insurance industry fraud - Business Insider