SIPC Liquidating Madoff Investment Securities

it's a ponzi schem, meaning very few assets to liquidate. only 200 million of the 50 billion is actually there or if any.

madoff kept all the money to himself or transferred it out to offshore accounts and used the money from new investors to pay withdrawals.



Quote from jeb9999:

SIPC announces "that it is liquidating Bernard L. Madoff Investment Securities LLC of New York, NY, under the Securities Investor Protection Act (SIPA)."

http://www.sipc.org/media/release15Dec08.cfm
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the money is gone, only 200 milion is left of the 50 billion invested by his clients. it's evaporated.

people who cashed out early, they are lucky for doing their due diligence and suspicious and probably are the ones who called the FBI not the SEC.




Quote from jeb9999:

SIPC announces "that it is liquidating Bernard L. Madoff Investment Securities LLC of New York, NY, under the Securities Investor Protection Act (SIPA)."

http://www.sipc.org/media/release15Dec08.cfm
More...
 
If you are suspicious of any CRIME actvity, please report to the FBI, CIA, NSA and your local congressman NOT the SEC.

Investors need to enforce the laws themselves and do due diligence AND 'research'


Quote from jeb9999:

SIPC announces "that it is liquidating Bernard L. Madoff Investment Securities LLC of New York, NY, under the Securities Investor Protection Act (SIPA)."

http://www.sipc.org/media/release15Dec08.cfm
More...
 
Quote from tradersboredom:

the money is gone, only 200 milion is left of the 50 billion invested by his clients. it's evaporated.

people who cashed out early, they are lucky for doing their due diligence and suspicious and probably are the ones who called the FBI not the SEC.
More...

You guys on this thread have NO CLUE what you are talking about.

First off, the SIPC only insures investor money from "fraud or theft" with a broker/dealer . . . which in this case is Madoff Investment Securities, LLC., - - - in contrast to Madoff's investment advisory service which is where all of the managed accounts were.

If your accounts are with Madoff's investment advisory business ( which most of the $50 billion are ), then you are probably out of luck because that does not qualify for SIPC coverage ( $500k securities / $100k cash) coverage.

People who cashed out "early" are going to have to return the money because they cashed-out off of a fraudulently inflated NAV.
This will take 6-8 years to account for, easy.

What really adds insult to injury is the fact that people had to PAY TAXES on all of these Madoff "gains" over the years!

:eek:
 
Quote from Landis82:

You guys on this thread have NO CLUE what you are talking about.....

What really adds insult to injury is the fact that people had to PAY TAXES on all of these Madoff "gains" over the years!

:eek:
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Can't they just amend their past tax filings?
 
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