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Posts Tagged ‘Bernard Madoff Victims Coalition’

Mark Madoff’s Suicide

Posted by Larry Doyle on December 11th, 2010 2:44 PM |

Bernie Madoff may currently be housed in the Butner Federal Correction Complex in Butner, North Carolina but with news this morning that his son Mark took his own life is there really any doubt that Bernie ‘killed’ his own son? I think not.

I feel sorry for the Madoff family and all those impacted by Mark Madoff’s suicide. Although I believe Bernie is evil incarnate, my faith principles hold that every life is precious. The loss of life–especially a relatively young life–is truly tragic. The taking of one’s own life strikes me as the most tragic. Why do I feel that?

Anybody impacted by death knows that the healing process requires closure. With suicide, there never truly is real closure.

“Why?” “Why?” “Why?” (more…)

Madoff Victim Makes Impassioned Plea

Posted by Larry Doyle on August 12th, 2009 6:10 AM |

I recently received an e-mail from the head of a Madoff Victims Coalition. The e-mail was in response to a post I had written about Madoff CFO Frank DiPascali. The e-mail truly moved me.

With the permission of the writer, I share it with you. There is nothing more for me to add to the message embedded in this communication. America has failed these brothers and sisters of ours. Will we allow our elected representatives to permit this failure to go unheeded or merely be glossed over? Please read, ponder, and share this post with those whom you believe love this country. These people deserve our support.


I feel the sincerity in your email. Thank you. It’s been a tough struggle for the last 8 months. I don’t think anyone, no matter how empathetic, can fully understand what it means to have everything you ever worked for taken away in the blink of an eye. Initially, we reeled from the loss of money, but as time goes on we realize that it wasn’t just a financial loss. Many victims feel betrayed by our country, unprotected by the alleged laws that are in place, and helpless because of those in charge of executing the laws. That’s a huge loss. Then there’s the loss of homes, medical care, legacies to children and grandchildren. The list of horrors goes on and on.

There are so many aspects of our battles. We have the failure of the SEC to find the fraud. Then we have their failure to recognize it when Harry Markopolos handed them the facts. They even missed warnings from their own internal counsel. This must be addressed so that no one else will ever have to experience the devastation we are feeling.

Another aspect, and one I think is more applicable now is the fact that one man (Irving Picard) has unilaterally opted to change the SIPC protection by arbitrarily changing the basis for payment of claims. I’ve researched past SIPC cases, and am in contact with my counterpart in the Stanford case and see the SIPC pattern-their rules are so vague (intentionally?) that they can be interpreted any way that suits SIPC’s needs. This is also a complaint issued by the GAO in an report they issued. Picard Is literally robbing people of money they are owed. The travesty continues with the fact that the SEC has oversight over SIPC and is standing by an letting this happen. Where is the justice? Where is the trust? How can an investor have confidence? (more…)

Is the Securities Investor Protection Corporation (SIPC) a Mere Facade?

Posted by Larry Doyle on August 11th, 2009 4:55 PM |

What good is insurance if after the storm you do not get paid? What good is insurance if the premiums charged are so badly mispriced that they misrepresent and do not cover the embedded risks? Welcome to the world of the Securities Investor Protection Corporation.

Is SIPC a mere facade presented by the Wall Street titans?

Let’s get the take of those who recently relied upon SIPC to fulfill its obligations. To whom do I refer? The victims of the Madoff scam.

If these investors were not protected, then how are we to believe that other investors will be protected on a going forward basis?

Why do I make that statement? None other than current head of the SEC Mary Schapiro addressed this topic in recent Congressional testimony. In a press release put out by Madoff victims, Schapiro admitted that SIPC did not have sufficient funds to pay all of the Madoff claims.

Who funds SIPC? The Wall Street banks. Yes, those banks that have been printing massive revenues and believe that they are back to ‘business as usual.’ Why aren’t the premiums immediately increased on these institutions to properly compensate Madoff victims?

To the extent that certain Madoff investors were aware of the Ponzi scam, obviously they should not receive restitution. I have to believe that number is in the distinct minority.

Given the general lack of confidence in our financial regulators,(the SEC and FINRA) would Congress have the heart and courage to take on the financial behemoths on Wall Street in an attempt to protect the investing public?

These questions and issues lie at the core of badly needed financial regulatory reform. Yes, that reform which seems to be on the back burner now that the markets have rebounded and Wall Street is printing money once again.

Make no mistake, though, that pot is still boiling and these questions need to be fully addressed and answered to the public’s satisfaction.

For a deeper understanding of these questions from the perspectives of the victims of the Madoff scam, please read this recent press release from the Bernard Madoff Victims Coalition. Click on the image below to access a PDF of the full 2-page press release. Let me know what you think.


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