The Securities Investor Protection Corporation (SIPC), which covers brokerage customer account losses in the event of fraud or the firm’s collapse, is trying to be the white knight in recovering investor funds in the $60 billion Madoff ponzi scheme. Yesterday, SIPC announced “nearly $2.5 billion in checks were mailed to victims in the liquidation of Bernard Madoff Investment Securities LLC (BLMIS). “SIPC today applauded the hard work of Trustee Irving H. Picard and his attorneys in reaching that major milestone.” Read Forbes report here.
