Markopolos Won’t Testify to Congress About SEC Tips on Madoff

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Jan. 2 (Bloomberg) -- Harry Markopolos, the former investment-firm employee who said regulators failed to act on his tips about Bernard Madoff’s alleged $50 billion Ponzi scheme, won’t testify before a congressional committee next week.

Markopolos’s plan to appear at a House Financial Services Committee meeting Jan. 5 was canceled because of an illness, said Alex Wilson, an employee in the office of U.S. Representative Barney Frank, the Massachusetts Democrat who leads the panel. Wilson commented in a telephone interview today.

The meeting will help guide Congress as it weighs a