Schumer Spearheads Senate Victory for Indirect Madoff Investors
Extensive Madoff lobbying is paying off. By a vote of 98-0, the Senate approved a key amendment to a House Bill that bodes well for Madoff indirect investors. Led by the extraordinary efforts of Westchester CPA Andrew Lerman, and hard work by attorney Helen Chaitman (Madoff Coalition for Investor Protection), and planner Ron Stein (Madoff-Help, NIAP), Madoff indirect investors were delivered a significant win in their quest for parity with the direct [...]
For Immediate Release: November 4, 2009
Washington, DC – Today, the House Financial Services Committee passed H.R. 3817, the Investor Protection Act, by a vote of 41-28. The legislation is part of a broader effort to modernize America’s financial regulatory system and was introduced by Rep. Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
“In order to maintain a sound economy, we must improve investor protection and confidence,” said Chairman Kanjorski. [...]
A dispute between Madoff trustee Irvin Picard and Zolfo Cooper, liquidator of the Kingate feeder funds, is delaying payouts to Madoff investors and could result in lengthy court battles in the Caribbean. Read Reuters report here.