WASHINGTON, DC – Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, today called on the Government Accountability Office (GAO) to conduct a comprehensive evaluation of the actions of the Securities Investor Protection Corporation (SIPC), the Trustee in the liquidation of Bernard L. Madoff Investment Securities, LLC (BLMIS), and the Securities and Exchange Commission’s (SEC) involvement and oversight of this major liquidation. (click here to continue reading…)
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Representative Gary Ackerman introduces H.R. 1987 – While we have not yet seen the actual bill, it is our understanding that this is a reintroduction of the bill Congressman Ackerman introduced last year, in that it would stop the clawback for direct investors and gives SIPC coverage to some indirect investors. Some changes include a new definition of net equity that includes the time value of money; new negligence language focused solely on negligent registered professional investment advisers; and trustee oversight that includes review of trustee compensation by the bankruptcy judge and annual auditing of the trustee under certain circumstances. Stay tuned here for more to come. Opportunity for Investors to Speak Out to Take Place in New York City. |
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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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