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HomeMadoff Investors Deserve Better from Julie Jason
Posted by Larry Doyle on July 18th, 2010 7:55 AM |
America is full of financial writers who have 20-20 hindsight. While I am fully respectful of writers everywhere who legitimately try to help investors, I have limited regard for those writers who are less than thorough in their pursuit of truth and transparency in the process. I witness just such a syndicated writer, Julie Jason, this morning. I welcome sharing a letter I just wrote to her in response to her weekly commentary:
Julie,
I truly appreciate your desire to help people but I also believe you provide a false impression as to the integrity and effectiveness of the financial regulator FINRA. (more…)
CAUTION: SIPC Impostor Luring Madoff Investors
Posted by Larry Doyle on March 9th, 2010 2:22 PM |
There is never a lack of scumbags in the world who prey upon those in distress.
As if those crippled by the Madoff scam have not already gone through hell and back, today we learn that an impostor to the Securities Investor Protection Corporation (SIPC) has sprouted up targeting the investors victimized by the Madoff scam. The Wall Street Journal exposes this scum in writing, Copy-Cat Web Site Targeting Madoff Victims:
The Securities Investor Protection Corp., a securities industry group formed by Congress to help customers of failed brokerages, warned of an imposter Web site mimicking its own page to target victims of convicted swindler Bernard Madoff. (more…)
Madoff Investors Sue SIPC = Main St. Sues Wall St.
Posted by Larry Doyle on February 25th, 2010 11:35 AM |
I highlighted yesterday the fact that Madoff investors planned to sue SIPC. Further details on this suit are in a press release today. I view this lawsuit as nothing short of Main Street suing Wall Street.
Game on!!
MADOFF VICTIMS SUE SIPC DIRECTORS FOR PERPETRATING MASSIVE INVESTMENT INSURANCE FRAUD AGAINST AMERICAN INVESTORS
Suit charges SIPC fraudulently induced Madoff investors to believe they had up to $500,000 insurance coverage on securities and seeks compensatory and punitive damages
New York, NY – Three New Jersey Madoff investors have sued the directors and key officers of the Securities Investor Protection Corporation (SIPC) for what they allege is a massive investment insurance scam. (more…)
Madoff Investors Suing SIPC
Posted by Larry Doyle on February 24th, 2010 2:39 PM |
You can rest assured that the powers that be on Wall Street would just as soon have the Madoff saga over. The Madoff scam perpetrated on investors is an ugly reminder of the non-existent financial regulatory system during the better part of the last twenty years.
I also believe many in Washington also might like to see the Madoff saga quietly pass by. The failures of the SEC, FINRA, and SIPC in this greatest of scams are an ugly reminder of the Wall Street-Washington incest.
Well, while many of the incestuous partners would like to turn the page, there remains a lot of filth that still needs to be cleaned up and a lot of individuals and institutions that need to be held to account. (more…)
Britain Sweeps Madoff Investigation Under the Rug
Posted by Larry Doyle on February 2nd, 2010 11:12 AM |
Great Britain just took the definition of America’s strongest ally to a whole new level. How so?
News this morning that the U.K.’s Serious Fraud Office (SFO) will not pursue legal action against the local operations of Bernard Madoff Investment Securities is just another kick in the balls to investors everywhere and the innocent Madoff investors especially.
The New York Times highlights this breaking news story in writing, Britain Will Not Pursue Legal Action Against Madoff:
Britain’s Serious Fraud Office said Tuesday that it would not pursue legal action against the local operations of Bernard L. Madoff, the U.S. financier now in jail in the United States.
In a statement, the S.F.O. said its investigation had found “ insufficient evidence to provide a realistic prospect of conviction” against either the company or its directors.
What did investigators find? (more…)
Peter Madoff, Subject of Criminal Probe
Posted by Larry Doyle on January 27th, 2010 5:22 PM |
Bloomberg just reported, Peter Madoff ‘Subject’ of U.S. Criminal Investigation:
Peter Madoff, brother of imprisoned con artist Bernard Madoff, is the subject of a U.S. criminal investigation, his lawyer said in a civil lawsuit over losses by the charitable foundation of U.S. Senator Frank Lautenberg. (more…)
Press Release: Madoff Investors Accuse SIPC of Forcing Investors to Bail Out Wall Street
Posted by Larry Doyle on November 14th, 2009 2:07 PM |
Having interviewed noted attorney Helen Davis Chaitman on No Quarter Radio’s Sense on Cents with Larry Doyle on November 1st (a recording of that show can be heard here), I am compelled to share this press release. Investors need to fully understand and appreciate the critically important role that SIPC is supposed to fulfill and the fact that it has largely served at the behest of the industry much like its regulatory brethren at FINRA.
LD
MADOFF VICTIMS ACCUSE SIPC OF FORCING INVESTORS TO BAIL OUT WALL STREET
Group of Madoff victims files brief saying Securities Investment Protection Corp. was grossly under funded and is defaulting on its obligations to investors
New York, NY – Lawyers representing victims of Bernie Madoff’s Ponzi scheme filed papers in federal bankruptcy court Friday charging the Securities Investment Protection Commission (SIPC) with attempting to enrich Wall Street at the expense of customers of SEC-regulated broker/dealers. The brief argues that SIPC has withheld insurance money rightfully owed to Madoff investors by using an illegal definition of “net equity,” thereby depriving investors of the $500,000 in SIPC insurance which Wall Street is obligated to pay them.
“Just as American taxpayers were required to bail out Wall Street to the tune of hundreds of billions of dollars after Wall Street recklessly brought the global economy to its knees, so to, Madoff’s destitute customers are being forced to bail out SIPC,” the brief reads. (more…)
Harry Markopolos: “Don’t Trust Your Government”
Posted by Larry Doyle on March 1st, 2010 10:38 AM |
Harry Markopolos
In an interview on the Today show this morning (video clip after the fold), Harry Markopolos dropped a few bombshells. Harry’s statement that he had purchased a gun and mentally prepared himself to kill Bernie Madoff in self-defense if need be will likely grab the most attention. It shouldn’t.
Markopolos’ biggest bombshell this morning is his warning to America, “don’t trust your government.” No surprise that Today host Matt Lauer did not probe deeper. I am not confident that other outlets will delve deeper into Harry’s statement, either. I wonder why Harry himself is reticent to specifically point out the individuals and the instances which lead him to make that statement.
Recall that a year ago Harry defined the SEC as merely incompetent while simultaneously defining FINRA (Financial Industry Regulatory Authority) as ‘in bed with the industry’ that is Wall Street. Well, it does not take an advanced degree to connect Harry’s grenade toss into FINRA’s backyard a year ago with his volley this morning. (more…)
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Posted in Bernie Madoff, FINRA, General, Harry Markopolos, Madoff, Mary Schapiro, SEC, regulation | 18 Comments »