Network for Investor Action and Protection (NIAP) Media Statement
Following is a press statement from Ron Stein, President of NIAP on the Madoff Trustee’s announcement of clawback initiatives:
“NIAP is strongly opposed to clawbacks of investors who are innocent of any wrongdoing. For all of the other lawsuits the Securities Investor Protection Corp. Trustee has filed to recover assets from large investors and investment advisors, he determined that they had active knowledge of the investment fraud, that they were not victims and that they facilitated the fraud. However, the clawback of those who the Trustee has determined withdrew more than they invested, looks like an attempt to collect gains from individual investor victims without making the same determination, which is unjust and unlawful.
“It is particularly unfortunate in this case because the Trustee is well aware that no court determination on account statement values has been made, and therefore it cannot even be determined yet who is a net winner and who isn’t. He is operating under the assumption that the ruling will go his way.
“These clawback attempts will likely deprive many Madoff victims of their few remaining assets.”
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For further information contact:
Michael Wichman
Hamilton Public Relations
212-328-5203
mwichman@getpr.com
