Bernard Madoff victims are slamming a blue-ribbon committee’s report on how to “modernize” government-backed insurance for investors — saying the proposed changes will do virtually nothing to help consumers hit by future scams. “I would say that in important respects, this is a put-up job,” said Massachusetts School of Law dean Lawrence Velvel, who lost big bucks to Madoff’s $65 billion Ponzi scheme. The SIPC Modernization Task Force this week recommended 18 changes to the Securities Investor Protection Corp., a government-chartered insurance fund for investors. Read more in the Boston Herald here.
