Toubani Resources Inc. T.TRE

RE: RE: What a Gamble

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Westshore asked "Isnt Muddy Waters run by the same guy who exposed Madoff?"

not sure if its lazy, malicious or incompetent but there are a # of open ended, think its this,  sort of crap q's and comments on the board.... posters looking for others to due their DD, plant seeds, instill fear.  I sense so many are working the short side its just pathetic.... 


When Bernard Madoff was finally arrested and exposed to the world as a charlatan, the one person who was not shocked by it was Harry Markopolos, the amateur fraud investigator who had been screaming to the SEC for nearly a decade. Had SEC officials listened to him from the beginning, Madoff’s stolen take would not have reached half of the estimated $65 billion that it finally did.

As a portfolio manager for a large equity derivatives asset management firm in Boston, Markopolos had sharpened his insight in this venue far beyond that of any ordinary detective. When his firm’s partners returned with literature from a New York conference where they had learned of Madoff’s remarkable success, they asked him to reverse-engineer this high performing strategy in order that the Boston firm might offer this successful product to their own customers.

Speaking to a crowd of more than 2,000 at the American Certified Fraud Examiner’s conference in Las Vegas in July, Harrry Markopolos explained how it took him but a few minutes to determine that “Madoff didn’t know the first thing about portfolio construction mathematics” and that he could not have been using this described strategy to earn the returns he was advertising.

When he reported what he suspected to his superiors in early 2000, they deep-sixed the whole plan, but Harry did not. There were too many red flags. His sleuthing had just begun, and his eventual team was made up of “four ordinary men” who were not paid for their after-hours endeavor but whose persistence finally paid off with the public exposure of a ponzi scheme magnified far beyond the imagination of even Charles Ponzi himself.