Earlier this year I came out in support of HR 757, legislation drafted and proposed by Rep. Scott Garrett (R-NJ), to address the sham perpetrated by the Securities Investor Protection Corporation (SIPC) upon innocent investors. As I wrote in support of HR 757 then, Why are we discussing SIPC today? Recall that post Bernie Madoff, the SIPC fund was depleted. Recall also that for approximately 13 years those paying into SIPC were charged an annual premium of $150 in order to put the SIPC stamp of protection on their brokerage statements. Read more on Business Insider [...]
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The SEC’s Brief in Opposition to the Petition For Certiorari, along with reply briefs submitted on behalf of victims are now available in our Net Equity Court Filings Document Repository. [...] New York/May 8th, 2012: Demonstrators protest, warning investors that they too could become victims of a Wall Street fraud. A peaceful demonstration in protest of SIPC’s unfair treatment of fraud victims and the slow progress in Congress is scheduled to be held on Tuesday, May 8th between 11am and 3pm on the Bowling Green Plaza in NYC. Please contact sarsend@aol.com for more information.**Disclaimer: This event is independent and not under NIAP’s [...] Check out the newly posted SIPC Misconduct Top Ten List on our letter-writing webpage -if you haven’t yet written to your representative, we urge you to do so now. Simply click here, select one of the sample templates, print and mail. (If you prefer, you can write your own letter). And don’t forget to forward the link to your friends asking them to write [...] Ron Stein, the president of the Network for Investor Action and Protection, told lawmakers that Picard is more interested in protecting the Securities Investor Protection Corp., which appointed him as trustee, and submitting hefty bills than helping Madoff’s victims. “Over three years into the Madoff fraud,” Stein says, “both SIPC and the SIPC Trustee, Irving Picard, has placed a higher priority on protecting SIPC and enriching his law firm than seeking fairness and equity for thousands of innocent Americans.” See New York Daily News report [...] Click here to view Ron Stein’s testimony before the House Subcommittee on Capital Markets and Government Sponsored Enterprises from Wednesday’s hearing “Securities Investor Protection Corporation: Past Present & [...] Rep. Scott Garrett (D-NJ) releases a “Dear Colleague” letter asking his colleagues to support the passage of HR [...] The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms, today announced the withdrawal of Chairman Orlan Johnson from its Board of Directors. He will be succeeded by Sharon Bowen, who previously served as vice chair of the SIPC board, who will serve as acting chair. Read MarketWatch report [...] Bernard Madoff victims are slamming a blue-ribbon committee’s report on how to “modernize” government-backed insurance for investors — saying the proposed changes will do virtually nothing to help consumers hit by future scams. “I would say that in important respects, this is a put-up job,” said Massachusetts School of Law dean Lawrence Velvel, who lost big bucks to Madoff’s $65 billion Ponzi scheme. The SIPC Modernization Task Force this week recommended 18 changes to the Securities Investor Protection Corp., a government-chartered insurance fund for investors. Read more in the Boston Herald [...] |
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