The following appeared in this morning’s Roll Call, The Newspaper of Capital Hill:
Mad at Madoff
Investors who were swindled out of billions of dollars by incarcerated financier Bernie Madoff aired their grievances on Capitol Hill last week.
The Network for Investor Action and Protection, a group that represents Madoff victims and other investors who have been duped by Ponzi schemes, is advocating for more stringent legal protections for investors and tougher oversight by the Securities Investor Protection Corp.
According to its website, the lawmaker-chartered organization’s mission is to restore “funds to investors with assets in the hands of bankrupt and otherwise financially troubled brokerage firms.” In a statement following a House Financial Services subommittee hearing Thursday, NIAP President Ron Stein said there still are not adequate controls in place to prevent a repeat. In 2009, Madoff was sentenced to 150 years for stealing about $65 billion from his clients.
“In these times of economic uncertainty, it is important that individuals invest with confidence,” Stein said. “Congress has the opportunity to restore that confidence and start protecting investors by making reforms that will strengthen the Securities Investor Protection Corporation, followed by the other regulatory entities.”
