Last Update: January 27, 2010 -
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 BLOG ISSUES SPOTLIGHT
WINDS OF CHANGE Part One – The SEC-Madoff Scandal Ron Stein September 26, 2009 Stunned! So here we are a few weeks after the release of the stunning Kotz report. No less than six times, from 1992 on, the SEC flubbed its examination of Madoff. Reading the original Executive Summary left me in disbelief. Reading the actual document has been shocking. The bungling is so comprehensive and confounding it’s akin to a Keystone Cops reel. Read Full Post
Ron Stein July 23rd, 2009 Finally. Some Madoff victims are starting to see IRS refunds, and some really lucky folks are even starting to receive their SIPC claim payments. So it stands to reason that if you’ve got a valid IRS and/or SIPC claim you, too, will be receiving perhaps a substantial refund. If not, chances are that you’re looking to protect what you still have. Most folks have already given some thought about these funds, yet many are wondering what to do? Read Full Post
Meet The Pros - The First in a Series of Interviews Battling Giants - An attorney takes on the SEC... Ron Stein June 9th, 2009 Howard R. Elisofon, partner in the New York law firm Herrick, Feinstein LLP is the securities attorney known most recently for his willingness to go after the SEC. Representing Madoff victim Phyllis Molchatsky and several others in this action, Elisofon has spoken at great length about his efforts in this case, and has been interviewed on many broadcasts and been quoted extensively in the press about this action and other issues pertinent to Madoff victims. We’re fortunate to have an opportunity to get some insight as to what motivates an attorney to take on the US government, and how. Read On-Line Interview
ALERT: Tax Refunds Coming – 30 Days and Counting! Are you ready? Part of a series of articles on planning and safe investing… Ron Stein May 7th, 2009 Yes, friends, thanks to Mr. Shulman and Company at the Internal Revenue Service, your tax refunds will be coming any day. We’ve heard that several have already received their refunds, and our communications with Internal Revenue confirmed the IRS’ intention to make sure that they complied with the 45 day timeframe normally allotted. This is great news! Question…What are you planning to do with your refund? Read Full Post
DEAR IRVING – WILL THE REAL IRVING PICARD PLEASE STAND UP? A FANTASY LETTER…. Ron Stein May 2nd, 2009 April 30, 2009
BEYOND THE IRS – A PONZI PUNCHLIST FOR CHANGE! Ron Stein April 9th, 2009 Clearly, the IRS has chosen to offer a mostly beneficial, practical, and also self-serving avenue for Madoff and other Ponzi fraud victims. With their recent “Safe Harbor” revenue and procedure rulings, they’ve made life easier for a fair number of anxious victims. Unfortunately, while many victims will receive some restitution through IRS refunds in addition to SIPC claims, many others will receive little or none at all. Read Full Post
Madoff Justice? Not by a Long Shot! Ron Stein March 12th, 2009 “OK” you’re saying. “Madoff is going to jail. How does that help me?” Unless you get some kind of bizarre satisfaction that penthouse living for several months followed by less-than-gruesome jail-time is sufficient punishment for maiming the lives of thousands of unsuspecting victims, you’re not jumping for joy. I’m sure not. “Is justice being served?” the media asks. I say “No, justice is not served until justice is done.” And justice cannot be done until a broad effort is made to restore to normal the lives of so many devastated by this, history’s greatest swindle. Read Full Post
A Place to Start: Six Steps to Sanity Ron Stein February 23rd, 2009 Being a Madoff Victim is not a pleasant place to be. It’s a nasty situation, and it can feel like a lonely and confusing one as well. With lives turned upside down, many folks are wondering what to do and anxious about the future. People are looking for help, for information, for support. If you’re one of these, you’ve come to a good place. Welcome to the community of Madoff Help – we’ll try to provide insight, clarity, and even a bit of humor. You’re not alone anymore. Read Full Post
GRANT ME THE SERENITY: Helpful Words for Challenging Times
Bobbie Comforto, LCSW, CT, February 12th, 2009 No one wants to hear that loss, change and suffering are inevitable… No one wants to be reminded that life is a series of losses, small & large, starting from birth & ending in death… No one wants to realize that we all suffer loss & change in one way or another. Yet behind every door is someone adjusting to change, adapting to crisis or coping with unsettling loss or tragedies. READ FULL POST BUSTED: The Trust of the Investment Statement Ron Stein, January 29th, 2009 There are certain paper icons that people in this country have learned to trust and rely on implicitly: paper money and stock certificates are a couple that come to mind. While many of us have found mistakes in transactions on bank and credit card statements over the years, most of us have come to believe that the items posted are valid reflections of transactions completed, and we rely on them as well. Trust is an essential underlying component – READ FULL POST Madoff Victims Alert: The “Bailout Fatigue” Excuse - C’mon Congress, Step Up! Ron Stein, February 3rd, 2009 I can see it now. Amid the litany of pain and outrage expressed by Madoff victims and their congressional representatives at the Senate hearings, the ultimate cop-out stands to emerge. Listen carefully for the two words – “bailout fatigue” – for these will assuredly be uttered quietly by certain senators and decision-makers intent more on style points than substance. Victims -- your representatives in Congress need to hear from you. READ FULL POST |
Three months later, Mr. Heebner received a stunning phone call. The broker told him the money he had put into the bonds was gone. The president of the broker’s firm, Old Naples Securities, had stolen it. On Thursday, the Fifth Circuit Court of Appeals stayed a Houston federal judge’s order requiring Lloyd’s of London insurers to pay for the lawyers for R. Allen Stanford and his co-defendants. Last month, U.S. District Judge David Hittner ordered the insurance company to pay the legal costs within 10 days. Read Securities Docket Report here. Bernie Madoff’s embattled relatives are on a short leash: They have to publicly account for every penny they spend. The attorney for the bankruptcy trustee in the Madoff case argued before a packed courtroom Tuesday that “no one in their right mind” would use the financial statements concocted by Madoff as a basis for distributing the funds. Read Securities Docket article on the Feb 2nd hearing here. No one would ever mistake the cramped, unadorned Manhattan courtroom of Judge Burton R. Lifland for King Solomon’s court. But the parallels were clear on Tuesday as Judge Lifland of Federal Bankruptcy Court listened for nearly four hours to impassioned arguments over a legal issue that will inevitably require him to hurt some victims of Bernard L. Madoff’s gigantic Ponzi scheme and help others, Diana B. Henriques reports in The New York Times. Click here for article. Britain’s Serious Fraud Office will not pursue legal action against the British operations of Bernard Madoff. The New York Times reports that SFO stated that its investigation had found “insufficient evidence to provide a realistic prospect of conviction” against either the company or its directors. SFO left open the possibility of pursuing the network of feeder funds that channeled cash from high-net-worth investors into Madoff’s scheme. Read Securities Docket report here. U.S. District Judge Louis Stanton today dismissed fraud claims brought by the SEC against three Cohmad Securities executives accused of helping Bernard Madoff conduct his Ponzi scheme, Reuters reports. As previously discussed here, the SEC had brought claims against Cohmad Chairman Maurice Cohn, COO Marcia Cohn and former VP Robert Jaffe. Read Securities Docket Report here. The judge overseeing the liquidation of Bernard Madoff’s defunct business did not issue a ruling today after hearing arguments from victims who say that years worth of fake profit from the fraud should be included in their claims for repayment. U.S. Bankruptcy Judge Burton Lifland in New York will determine how much money, if any, victims may get from the industry-financed Securities Investor Protection Corp., which must repay as much as $500,000 for each qualifying claim. Thousands of victims of Bernard L. Madoff’s massive Ponzi scheme are anxiously awaiting a ruling in federal bankruptcy court in New York that could determine how much money, if any, they might get back. But legal experts believe the ruling could also impact how future victims of securities fraud are reimbursed. “The Network for Investor Action and Protection believes the argument made by the attorneys on behalf of Madoff fraud victims is consistent with the law, and a ruling in favor of that net equity definition would be an important statement for investor protections and confidence. The legal foundation of this argument is backed by numerous securities law experts who formally filed briefs with the court. But this case is extraordinary in every way, so we are prepared to take this battle as far as it needs to go. This hearing is likely just a starting point.” |
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