WASHINGTON--Insurance should be federally regulated and Congress should create a common database of all financially related fraud enforcement actions, a private fraud investigator who attempted to reveal the Madoff pyramid scheme told a House committee.
Boston-based Harry Markopolos made his comments Wednesday during testimony before the Capital Markets Subcommittee of the House Financial Services Committee in which he scored the Securities and Exchange Commission for ignoring his repeated warnings the Madoff fund operation was a fraud.
In response to questions by committee members, Mr. Markopolos suggested that there should be a "super financial organization with the departments underneath."
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