FOR IMMEDIATE RELEASE
Mar. 3, 2010
Ron Stein, President of the Network for Investor Action and Protection (NIAP), Statement on cases presented in the Mar. 3 Net Equity Hearing in the Second Circuit Court of Appeals:
“The Network for Investor Action and Protection believes the attorneys arguing on behalf of innocent Madoff victims made a compelling and fundamental case that account statements must be the determinant of a customer’s net equity. Any other alternative threatens the trust and confidence consumers have in their brokers, and leaves investors without essential protections supposedly guaranteed them by law.”
“Regardless of the outcome of this case, NIAP is encouraged by Congress’s stepped up efforts to protect investors by reaffirming investor protection laws passed over 40 years ago. That Congress has to reaffirm an existing law in order to protect investors, whose rights are being trampled is unfortunate, but we are hopeful that going forward, all investors will be able to rely on the information their broker gives them in the future.”
About NIAP (www.investoraction.org)
The Network for Investor Action and Protection (NIAP) is a not-for-profit organization with over 1000 members. NIAP seeks to enhance protections for all investors, while pressing for relief for innocent victims of securities frauds.
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For further information contact:
Michael Wichman
Hamilton Public Relations
212-328-5203
mwichman@getpr.com
