The World Largest Hedge Fund is a Fraud, by Harry Markopulos (2005)

In 2005, Harry Markopolos wrote to the SEC that The World Largest Hedge Fund is a fraud (download it). In his view, it was clear that Madoff’s model was impossible: “The returns were a straight line of 45 degrees, something impossible in finance, where returns are cyclical. The number of positive months in Madoff’s track record was 95%: something never seen before!