NIAP Press Release - November 14th, 2013

Contact: Caroline Ward
cward@rasky.com
202.530.7700

REP. SCOTT GARRETT (R-NJ) AND REP. CAROLYN MALONEY (D-NY) INTRODUCE SIPC LEGISLATION

Washington, DC. — The Network for Investor Action and Protection (NIAP) is pleased to announce today its support of H.R. 3482, “The Restoring Main Street Investor Protection Act of 2013,” jointly introduced by Representative Scott Garrett (R-NJ) and Representative Carolyn Maloney (D-NY). This bill was designed to enhance protections for investors who are customers of regulated broker-dealers and restore confidence in U.S. financial markets. The bill was drafted in response to the deficiencies exposed as a result of the Madoff, Stanford, and other recent theft-frauds. Similar legislation is expected to be introduced shortly in the Senate, and a House hearing is set for November 21, 2013. NIAP is working closely with the Stanford Victims Coalition, and the recently formed Investor Protection Alliance, to help spur passage of this legislation. (click here to continue reading…)

Rep. Garrett's Letter to the SEC Chairman Shapiro:

The House Financial Services Committee continues to address concern…Garrett Asks SEC to Get it Right. Click here for Letter to SEC Chairman Shapiro.

Niap’s Statement: Washington, DC – October 3, 2011 – Statement from Ron Stein, President of the Network for Investor Action and Protection, on Rep. Garrett’s Letter to SEC Chairman Shapiro:

“We applaud Chairman Garrett in his efforts to secure a fair and equitable solution for all Madoff victims. The Chairman is wise to shine a light on the SEC’s questionable decision process ridden with misapplications of law and enormous potential conflicts of interest for both SIPC and their Trustee. We hope a rational reevaluation of SEC and SIPC policy can be achieved and that confidence in our investor protection regime can be restored.”
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“As we have asserted for some time, SIPC and the Trustee have looked to reduce payouts in order to protect the SIPC fund. 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 GAO will look at the conflict of interest issue to determine if the Trustee is capable of fulfilling his responsibilities responsibly and objectively.”

NIAP Statement on the 2nd Circuit Court Ruling

Ron Stein, President of the Network for Investor Action and Protection (NIAP), Statement on the Second Circuit Court of Appeals Ruling on Net Equity:

“NIAP strongly disagrees with the appeals court’s ruling, which is another blow to small investors who merely relied on the information their broker gave them. The court’s regrettable decision underscores the need for Congress to reinforce securities laws that were intended to protect the small investors harmed by this decision and the actions of the SIPC Trustee.

“We are encouraged by the bi-partisan efforts in Washington, led by Rep. Scott Garrett, to pass legislation clarifying original Congressional intent. This action is necessary to prevent victims of securities fraud from further victimization by the institutions created to protect them.”

NIAP Press Release – 4/15/11

Network for Investor Action and Protection Statement

Following is a press statement from Ron Stein, President of the Network for Investor Action and Protection on the Pascrell tax relief bill:

“This important bill provides common-sense and badly needed relief for theft victims who paid real taxes on unrealized gains.”

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

NIAP Press Release - March 3rd, 2011

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: (click here to continue reading…)

NIAP Press Release - March 2nd, 2011

NIAP TO COURT: TRUSTEE METHODS CONTRADICTING CONGRESSIONAL INTENT

The Network for Investor Action and Protection filed an Amicus Brief with the Second Circuit Court of Appeals telling the court that the methods employed by the Securities Investor Protection Corp. Trustee on the Madoff liquidation run directly counter to Congressional intent, are devastating to victims, and threaten investor protections. (click here to continue reading…)

NIAP Press Release - 2/17/11

Ron Stein, President of the Network for Investor Action and Protection (NIAP), Statement on Introduction of Equitable Treatment of Investors Act: (click here to continue reading…)

NIAP Press Release - 12/20/2010

NIAP PRESIDENT RON STEIN STATEMENT WELCOMING LEGISLATION TO PROTECT INVESTORS DEFRAUDED BY BERNIE MADOFF

“I welcome Representative Scott Garrett’s introduction of the Equitable Treatment of Investors Act, which will protect victims that have been defrauded by Bernie Madoff’s Ponzi scheme in the face of the Securities Investment Protection Corporation’s failure to do so.”

“Customers of registered brokers (click here to continue reading…)

NIAP Press Release - 12/8/10

FOR IMMEDIATE RELEASE
December 8, 2010

NIAP QUESTIONS TRUSTEE ON SUING INNOCENT INVESTORS

The Network for Investor Action and Protection today asked the Securities Investor Protection Corporation (SIPC) and the Trustee overseeing the Madoff Ponzi liquidation to explain why innocent investors are being targeted with clawback actions despite a series of lawsuits against guilty parties that should make innocent investor clawbacks unnecessary. (click here to continue reading…)

NIAP Press Release - 11/17/10

FOR IMMEDIATE RELEASE
November 17, 2010

Contact: Ron Bonjean / Phil Singer
(202) 349-1402

NIAP HELPS INVESTORS INITIATE TORT CLAIMS AGAINST SEC AND IRS

The Network for Investor Action and Protection (NIAP) today announced a large-scale effort to help Madoff investors initiate legal actions against the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) for negligence, (click here to continue reading…)