In 1999, an analyst named Harry Markopolos was asked to look at Bernie Madoff's returns. Within five minutes he knew something was wrong: only four losing months in more than 14 years, and a strategy that would have needed more options than actually existed on the market.

He went to the SEC in 2000. Nothing happened. He tried again in 2001. Nothing. In 2005 he sent a memo titled "The World's Largest Hedge Fund is a Fraud" listing 30 red flags.

A few details that still surprise me:
- Madoff was investigated at least eight times over 16 years and walked away clean every time.
- His auditor was a tiny office in a suburban strip mall with just one active accountant.
- When it collapsed in 2008, about 4,800 client accounts showed $64.8 billion. Most of that money had never existed.

I started a small channel that retells big stories with miniature dioramas (the visuals are AI-generated; the facts come from the SEC Inspector General's report, the DOJ case and the trustee's records). This is the first episode, and I'd really appreciate honest feedback on the storytelling and the format.

https://youtu.be/qF9IOxhnHus?is=3BhPWJBh1oavBuW6

Happy to answer questions about the case in the comments.