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Posts Tagged ‘Madoff investors’

Sense on Cents Supports HR 757

Posted by Larry Doyle on July 31st, 2012 6:05 AM |

Earlier this year I came out in support of HR 757, legislation drafted and proposed by Rep. Scott Garrett (R-NJ), to address the sham perpetrated by the Securities Investor Protection Corporation (SIPC) upon innocent investors. As I wrote in support of HR 757 then,

Why are we discussing SIPC today? Recall that post Bernie Madoff, the SIPC fund was depleted. Recall also that for approximately 13 years those paying into SIPC were charged an annual premium of $150 in order to put the SIPC stamp of protection on their brokerage statements.

Did you just spill your coffee and think I must have mistyped that figure. I didn’t. I highlighted that ridiculous figure in November 2009.

$150 annual premium paid by each and every Wall Street brokerage house to put a stamp of investor protection on their statements. What type of insurance do you purchase for a $150 annual premium? Seriously.  (more…)

Helen Davis Chaitman Plans to Sue the SEC

Posted by Larry Doyle on August 1st, 2010 11:41 AM |

Does the SEC believe it needs to restrict the public’s access to information in order to gain the favor of those from whom it is requesting the information in the first place (that is banks, hedge funds, and money managers)? Is ‘looking toward the future’ a convenient line of reasoning when, in fact, the SEC is actually more concerned with skeletons from its past? Which skeletons might these be? Can you say Bernie Madoff and Allen Stanford? Is America supposed to take the SEC’s own internal reviews of these frauds as sufficient explanation as to the SEC’s failures on these frauds?

While many in the financial industry have little interest in ever again hearing the name Bernie Madoff, one individual in our nation continues the fight for justice from this massive fraud. To whom do I refer? Helen Davis Chaitman of Becker & Poliakoff.

Some may recall that last November I interviewed Ms. Chaitman, pro bono legal representative for a large number of Madoff investors. She provided riveting insights then and she did not disappoint on a recent interview on Fox Business. Helen is not bashful in highlighting that she plans on suing the SEC for its failings in the Madoff scam.

Is the SEC looking to restrict access to information because of Helen’s pending lawsuit? Let’s listen . . .

Helen is not only speaking up on behalf of Madoff investors, but she is truly standing up on behalf of all American investors. I commend her. No surprize that Helen is a decorated member of the Sense on Cents Hall of Fame! 


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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…)

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