A federal bankruptcy judge in Manhattan has approved the fiercely disputed method used by the court-appointed trustee to calculate victim losses in Bernard L. Madoff’s enormous Ponzi scheme. Read NY Times article here.
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A federal bankruptcy judge in Manhattan has approved the fiercely disputed method used by the court-appointed trustee to calculate victim losses in Bernard L. Madoff’s enormous Ponzi scheme. Read NY Times article here. The Network for Investor Action and Protection believes Judge Lifland’s decision in New York Bankruptcy Court is short-sighted and potentially damaging to individual investors and confidence in the financial markets. This process is shedding light on how weak and unreliable individual investor protection is in America. The notion that the Securities Investor Protection Corp. can only provide payouts to the extent that it is able to recover lost funds is contrary to SIPC’s purpose. SIPC’s role is to protect investors [...] MEMORANDUM DECISION GRANTING TRUSTEE’S MOTION FOR AN ORDER UPHOLDING TRUSTEE’S DETERMINATION DENYING CUSTOMER CLAIMS Read Full Opinion Filed here. |
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