Rep. Scott Garrett says Securities & Exchange Commission protects brokers, not Madoff victims

“As we have asserted for some time, SIPC and the Trustee have looked to reduce payouts in order to protect the SIPC fund,” said Ron Stein, president of the Network for Investor Action and Protection. “Protecting the fund over investors clearly defies congressional intent when SIPA was enacted. Mr. Garrett’s letter correctly indicates that protecting SIPC is not a standard allowed in law, and the entire decision must be fully reconsidered free of conflicts of interest. We hope the General Accounting Office will look at the conflict of interest issue to determine if the Trustee is capable of fulfilling his responsibilities responsibly and objectively.” Read more in the NY Daily News here.