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UPDATE: SIPC AND TAX LEGISLATION ISSUES Greetings -Last week we brought you up to speed on the UPDATE AND BATTLE STRATEGY ON GARRETT LEGISLATION Hi All – So here we are in the middle of something many have dreaded for a long time – clawback. The Trustee and SIPC have followed their ghastly course of action in serving complaints indiscriminately against both the innocent and the culpable. We have fought mightily against this for a long time, and we will continue to do so. We see the battle in Congress as an adjunct to the battle in the courts , with oral arguments on Net Equity to take place on March 3. Whether or not reason prevails in the courts, it is clear that the realm of investor protection demands comprehensive and critical changes from the halls of Congress or more will suffer. (click here to continue reading…) As we begin the New Year, I wanted to bring people up to date on the legislative and related Madoff universe, as we see it. Some really positive events are happening that you should know about… (click here to continue reading…) TIME TO GIVE CONGRESS A PUSH! Dear Friends: If we’re going to get tax legislation passed this year – which is a real possibility — we need a big final push from all of you. Click here for more information – Ron Stein www.madoff-help.com in collaboration with NIAP – Network for Investor Action & Protection is forging ahead with a legislative agenda to address SIPA and IRC relief for fraud victims. Click here to Donate now.
SIPC AND TAX LEGISLATION Even after a briefing session for Congressional staff and the September 23 hearings that put a spotlight on SIPC’s behavior, the clock is ticking and Madoff victims are running out of time to get some form of legislation passed prior to the end of this Congressional session. So here is another call to action — if you’ve already written letters, we ask you to do so again. If you haven’t written one before, now is the time. (click here to continue reading…) Dear Friend – We came away from the Kanjorski Capital Markets Subcommittee Hearings on September 23 with a guarded sense of optimism. Key members of the Subcommittee – Kanjorski, Ackerman, Garrett, King – appear to be outraged by the behavior of SIPC and the Trustee, describing SIPC and the Trustee’s behavior “immoral”, “the worst possible behavior at the worst possible time” in terms of investor confidence, treating investors like “criminals” and “conspirators” not following the “spirit of the law”. Panelists were largely supportive of major changes to SIPC (even Professor Coffee, who proposed a potentially feasible solution to clawback). I can also say that the briefing session of staff that preceded the Hearings conducted by me and attorney David Bernfeld went extremely well, and the extensive work done behind the scenes I believe bore fruit. Still, I was surprised (and pleased) by how much time key members were focused on the current plight of Madoff victims. A few of my observations are bullet-pointed below. (click here to continue reading…) Hi All – Some good news. We noted in our last update (click here update) that we’d requested that Congressman Kanjorski’s office demand that SIPC turn over the kinds of details that will help to “score” HR5032, a necessary procedural step regarding this legislation. We are heartened to tell you that the demand letter has been received by SIPC. This is a major success in that it may finally begin to shed light on some of the information that SIPC and the Trustee alone have been harboring, and could be an important foundation for the upcoming Kanjorski Committee hearings and the mark-up session shortly thereafter. (click here to continue reading…) Greetings. As many of you know, this has been a busy time on both the legal and legislative fronts. There has been much attention on the legal side as attorneys have filed their briefs on net equity with the US Federal Court of Appeals (NAIP has filed an amicus brief as well). The focus of this update, however, will be on the legislative front, particularly HR 5032 – the Ponzi Victims Investor Protection Act of 2010. (click here to continue reading…) |
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Contact us by phone at (631) 425-0770, fax at (631) 421-5701 or by email at admin@investoraction.org
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