ALERT: 2 New Co-sponsors Sign on to H.R.3482 – Restoring Main Street Investor Protection and Confidence Act

Congressman Mario Diaz-Balart [R-FL25] and Congressman Tom Cotton [R-AR4] have signed on to co-sponsor H.R.3482, bringing the number of co-sponsors to 55!
Click here for a current list of co-sponsors. If your Representative is not yet a co-sponsor, please urgently call and write your representative to get them to sign on. Letters can be submitted on-line at, where you can also find a Congressional directory for phone contact information.

New Jersey Bureau of Securities Looking for Panelist

The Bureau will be hosting a conference at Rutgers University in New Brunswick, NJ on November 13th. The target audience will be primarily NJ residents, and specifically targeting unions and pension funds. They are putting together a panel to speak about securities frauds, risk, and impact to victims. The Chief of the Bureau, Laura Posner has reached out to us to invite a Madoff victim to participate on the panel. If anyone may be interested in joining the panel or what to find out more, you can contact Laura Posner at (973) 504-3610, [...]


Legislation introduced in House & Senate, Hearings Big Success

• Garrett/Maloney’s HR3482 – Improving Wall Street Investor Protection & Confidence Act – introduced with 25 sponsors, bi-partisan
• Hearings tremendous success: SIPC’s Harbeck pounded by Garrett, Maloney, NIAP’s Stein, and Stanford Victim’s Coalition, Kogutt
• Senators Schumer, Vitter and Landrieu introduce companion bill S.1725 in Senate

Dear NIAP Member & Madoff Investor,

Happy Thanksgiving & Hanukkah Greetings. More than at any time since we began our organization, I’m reaching out to you today with a real sense of optimism about Congress. Not only was the new SIPC legislation (HR3482) introduced in the House last week with more sponsors than expected (and still more lined up), but a companion Senate bill – S. 1725 — was introduced by Senate Banking Committee member David Vitter (R-LA) just before the Holiday deadline. A major success was obtaining co-sponsorship by one of the most powerful members of Congress, Senator Schumer (D-NY). Senator Mary Landrieu (D-LA) also signed on as an original cosponsor.

To make the week sweeter still, the Hearings held by Chairman Garrett (R-NJ), sitting beside Ranking Member Rep. Carolyn Maloney (D-NY)could not have gone better for Madoff and Stanford victims. Not only was Garrett masterful in his opening comments [link], his surgical interrogation of SIPC’s Harbeck during the questioning session was brilliant. I wrote my testimony to be very aggressive, and channeling attorneys David Bernfeld and Helen Chaitman, sitting behind me, did my best to unclothe Mr. Harbeck and lay naked his arrogance, rampant misuse of facts, and general defensiveness and lack of compassion [testimony link]. Feedback has been uniformly positive.

For Madoff victims, it was a good week all around!

Indeed, even indirect investors received the wonderful news from Special Master Richard Breeden who announced that indirect “net losers” would have access to the $2billion plus Madoff Victim Fund.
Side note: Sen. Schumer was deliberately careful to avoid focusing on the Madoff victims in his press release even though he has embraced the legislation. Once he and Senator Vitter return, coordination of Senate strategy and publicity will commence.
Realistically, even though our prospects are better than they’ve ever been before, we are in the 1st inning of a 9 inning game (which ends late 2014), and we are going to need all of you to help in any way we can.

You can help in three ways: your time, your energy, and frankly, your generosity. We are going to needs funds to command the necessary staff to organize and drive the massive grassroots effort we need to undertake to pass these House and Senate bills and get relief for Madoff and Stanford victims. I also want to affirm that this legislation will go back to provide full SIPC coverage to Madoff victims.

But most of all, we will need each and every one of you to step up and help in any way you can, through phone calls and letters. We can’t expect others to do it all.

I would also urge all of you to use these Holidays to begin to spread the word — hope is alive, progress is being made, and everyone’s help is needed.

In the coming weeks, we will begin the next phases of the grassroots campaign in earnest, and begin a fundraising drive. We look to all of you for your help and support: without that support, we won’t succeed. With your support, our chances have never been better!

I thank all of you who have stuck with this, have helped in the many ways you have. I wish all Madoff and Stanford victims, who have suffered so much to take some solace in this success and burgeoning hope, and that we relish what we do have as precious.

To all, a wonderful Thanksgiving and a Happy Hannukah.
In Peace,

Ron Stein, CFP
President, [...]

NIAP Leadership Call 9/18/2013

There is no excerpt because this is a protected post.

NIAP Update - August 6th, 2013


Behind-the-scenes meetings in DC with both Madoff and Stanford victims seeing strong support for SIPC legislation


Dear NIAP Member,

Greetings. We shortly expect SIPC action to begin in Congress. Certainly many victims have heard this sort of thing before, and Congress and uncertainty seem to go hand in hand, but the key elements are now in place for legislation to begin its march. With the House Financial Services Committee currently absorbed with the introduction [...]


A new film has been accepted by the Tribecca Film Festival in NY. The title is “In God We Trust” and it “stars” the private secretary for Bernard Madoff. The secretary has been co-operating with the Justice Department and has been a useful source for tracking those who met with Madoff over the years. The film crew has interviewed a number of Madoff victims. Click here for more [...]


Second Circuit Rules on case against the SEC.
Dean Lawrence Velvel – “In my judgment, the opinion opens the door to wholesale abuse of regulatory powers whenever an agency wishes not to exercise power given it by Congress, regardless of how terrible the agency’s inaction may be. Now more than ever, Congress must act to correct the grievous injustice, since the courts won’t. I think that Congress should also denounce this opinion as a terrible deformation of congressional intent. It permits regulatory bodies to eviscerate Congress’ purposes at their discretion. Congress never intended discretion of that magnitude. (Did it intend, for instance, for the FBI to have the discretion not to investigate murders?). You will note that the court gives no specific reasons whatever as to why the plaintiffs allegedly fell short in showing that the SEC lacked justification for failing to act against Madoff (yet the court expressed “antipathy” for the SEC’s conduct). It is plain that the court could give no reasons justifying the failure (because there were none), and that it simply blinked when it came to holding a major governmental body liable for horrific misconduct — and thereby, as indicated, vitiated Congress’ purposes and opened the door to a wholesale screwing of citizens by agencies. As said, Congress should both denounce this and act against it.”

Click here for a copy of the opinion.
Click here for the amicus brief filed by [...]

NIAP Update - December 26th, 2012


• 4th Year Anniversary: Madoff Victims still await Congress and the Courts
• Improved Prospects for SIPC legislation in 2013: Chairman Garrett and Co-sponsors to Reintroduce SIPC legislation beginning with December marker bill, new legislation will follow
• NIAP and Stanford Victims Coalition form Investor Protection Alliance to help press for passage of legislation
• The Courts and the SEC: US Appellate Court to take up appeal of victims’ suits against the SEC; NIAP files Amicus Brief in support
• The Courts: Victims still [...]

Peter Madoff Sentencing

Date/Time: Thursday, Dec 20 2012 – 4:30PM

Place: US District Court
500 Pearl Street
New York, NY

The sentencing hearing for defendant(s), Peter Madoff, has been set for December 20, 2012, 04:30 PM at Clerk’s Office,500 Pearl Street, New York, NY 10007 before Judge Laura Swain.

If you plan on attending, you may want to verify the date and time by using the VNS Call Center or web site. If you are a victim of the charged offense(s) and wish to speak at sentencing, please call our office well in advance of the scheduled hearing date. [...]

Partnership with The Stanford Victims Coalition

The Investor Protection Alliance
The Network for Investor Action and Protection (NIAP) and the Stanford Victims Coalition (SVC), an organization of more than 4000 members across 38 states who share in SIPC’s abysmal treatment of innocent investors have aligned to create The Investor Protection Alliance. The alliance combines our two regional entities to create one national voice that dramatically expands our capacity to press forward with legislative relief for fraud victims and improved protection for all investors.

Although both organizations will continue to function independently on their own issues, the Investor Protection Alliance will focus intensively on passage of SIPC legislation.

Please visit the new Investor Protection Alliance website:
Phone: (800) 323-9250
Fax: (631) 223-1123