Part 5/10:
Even when the New York office of the SEC did open a case to investigate Marcopolis' claims in January 2006, they failed to recognize the blatant evidence of wrongdoing. After almost a year, the case was closed without any formal investigation. “What I found out from my dealings with the SEC over eight and a half years is that their people are totally untrained in finance,” asserted Marcopolis. Most of the staff consisted of lawyers without industry experience, which, in Marcopolis' view, caused them to miss significant financial red flags.