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 Madoff victim. While the HR3548 Bill supplement focuses on extension of unemployment benefits, first time homebuyer relief, and relief for small businesses, the bill has particular help for the Madoff investor.
The amendment provides for an extension to the net operating loss carryback to a full 4. years, plus 50% of year five. The $15,000,000 gross receipts test, which limited the carryback for many, if not most indirect investors, has been eliminated. This is good news for indirect investors seeking parity with direct Madoff victims in terms of assistance. The next step is inclusion in House bill, HR3548.
The success came about from a close working relationship with Senator Schumer’s staff – particularly Economic Policy Director Jeff Hamond. After countless discussions and meetings, the collective efforts of Lerman, Chaitman and Stein along with invaluable assistance from the Madoff Coalition for Investor Protection group, Ponzi Victims Coalition and others, is resulting in what will hopefully be the first of many lobby victories.
Senator Schumer has been instrumental in driving this part of the legislation, and his comments on the Hill today in favor of the amendment and demonstrating great concern for the plight of Madoff victims – many of whom have lost their life savings in this fraud – show great sensitivity. Schumer spoke eloquently on the plight of the indirect investors, categorizing them as having lower net worth than many direct investors and many having lost everything. He claims that indirect investors were shut out of the expanded carryback on the earlier Safe Harbor IRS changes, and take a “double whammy” by not having the benefit of SIPC claims. “Indirect investors should be treated equally,” according to Schumer. “They (the victims) have allies in the Senate.”
The NOL carryback modification is part of the Unemployment Extension Act of 2009 – HR 3548 – the supplemental act to the original unemployment insurance extension act passed in 2008. The bill also includes extending the first homebuyer tax credit and extending unemployment insurance benefits. The next step is passage of the unified bill in the House, hopefully this coming week.
Click here for the Senate Finance Press Release on the bill.
To see Senator Schumer compelling testimony today, please go to:
http://www.youtube.com/watch?v=f4rWr_7RBzk
We encourage you to extend your thanks to Senator Schumer.
Andrew Lerman
Helen Chaitman
Ron Stein
Sourced from: Madoff Help News & Assistance
