Whistle-blower Markopolos questions Massachusetts Pension Fund Accounting, shares report with authorities – Business – The Boston Globe

A six-month examination of the MBTA pension fund, led by the whistle-blower who identified the Bernard Madoff fraud, found accounting and investment reporting practices that he says may overstate the financial health of the transit worker retirement plan by as much as $470 million.

The analysis raises serious questions about how the $1.6 billion pension is run, said Harry Markopolos, a Massachusetts-based financial analyst whose warnings about Madoff’s investment scheme were ignored for years by securities regulators.

The MBTA Retirement Fund’s performance appears “too good to be true,” Markopolos said in an interview last week. “Someone needs to go in and count the assets to make sure they’re all really there.”

via Whistle-blower Markopolos questions T pension fund accounting, shares report with authorities – Business – The Boston Globe.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s