Bernie Madoff Whistleblower Earns Standing Ovation at Toronto Screening

Credit: Central Image Agency

Harry Markopolos downplays his efforts at the Toronto Jewish Film Festival to uncover the $50 billion ponzi scheme.

TORONTO -- Harry Markopolos doesnt feel like a hero, despite earning a standing ovation in Toronto Thursday night for his quest to uncover Bernie Madoffs $50 billion ponzi scheme. 

Heros are brave. They dont show fear. And I did,” Markopolos said after Chasing Madoff, Canadian filmmaker Jeff Prossermans portrait of the Madoff whistleblower, received a North American debut to kick off the Toronto Jewish Film Festival.

The indie doc portrays an increasingly paranoid Markopolos in a decade-long struggle to expose Wall Street’s ultimate scam artist, only to meet deafening silence or indifference from fellow money managers and the Securities and Exchange Commission.  

I was scared. I carried a gun and checked for bombs for six years,” he recounted.  

Ultimately, the 2008 Wall Street meltdown shut down Madoff’s ponzi scheme, not Markopolos's alarm bells.  

Madoff is currently serving a 150-year jail term for his massive fraud.

Markopolos insists a continuing failure by the U.S. government to reform Wall Street and the financial system will only set the global banking system up for another and even bigger collapse.  

All the banks that were too big to fail are bigger now,” the numbers cruncher-turned-fraud investigator said at the Chasing Madoff after-party in Toronto.

They (banks) will do it again, Markopolos warned.