In the first of two parts of a hearing on the $50 billion investment scam allegedly engineered by Bernard L. Madoff, Harry Markopolos, an independent financial fraud investigator, asserted that since 2000 he repeatedly submitted warnings to the SEC about Mr. Madoff that were ignored. 

Following Mr. Markopolos' testimony, prepared statements by a second panel with Securities and Exchange Commission officials focused on possible regulatory failures that allowed the Ponzi scheme to continue, and the need to rewrite the laws governing the U.S. financial markets. 

The second panel continued with questions from committee members on the second part of the hearing (283836-4).