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HomeMadoff 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…)
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…)
No Quarter Radio’s Sense on Cents with Larry Doyle Welcomes Helen Davis Chaitman, Sunday Evening at 8pm EST
Posted by Larry Doyle on October 31st, 2009 3:49 PM |
UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any point along the play bar. We did have some technical difficulties connecting with our guest at around the 12 minute mark of the show. You can listen up to that point, and then advance it to the 24 minute mark when Helen Davis Chaitman joins the program.
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Who truly protects the average American investor? Our financial regulators are licking their wounds and playing catch up from seemingly 20-plus years of being asleep at the wheel. Banks and brokers are fighting tooth and nail against instituting a fiduciary code of conduct. Why do more and more investors not trust Wall Street? Where should one turn to navigate this corner of our economic landscape?
Welcome to No Quarter Radio’s Sense on Cents with Larry Doyle as I welcome Helen Davis Chaitman this Sunday evening at 8pm EST. Helen Davis Chaitman is a prominent attorney and partner in the New York based law firm Phillips Nizer LLP. Her career spans a vast part of our economic landscape.
Helen Davis Chaitman is a nationally recognized litigator with a diverse trial practice in the areas of lender liability, bankruptcy, bank fraud, RICO, professional malpractice, trusts and estates, and white collar defense. In 1995, Ms. Chaitman was named one of the nation’s top ten litigators by the National Law Journal for a jury verdict she obtained in an accountants’ malpractice case. Ms. Chaitman is the author of The Law of Lender Liability (Warren, Gorham & Lamont 1990) which is periodically updated and, since 1987, has authored the monthly newsletter, The Lender Liability Law Report. In early 2009, Ms. Chaitman spearheaded the firm’s pro bono representation of investors in Bernard L. Madoff Investment Securities LLC. She has been an outspoken advocate for the victims of Madoff’s Ponzi scheme and for the government failures which caused massive losses to innocent investors. (more…)
