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    LEGISLATIVE ALERT – SIPC LEGISLATION REINTRODUCED TO HELP MADOFF, STANFORD, AND MCGINN SMITH INVESTORS

    HR 1982 – RESTORING INVESTOR PROTECTION & CONFIDENCE ACT OF 2015
    INTRODUCED BY CONG GARRETT & MALONEY WITH OVER 40 ORIGINAL CO-SPONSORS

    After months of anticipation, Capital Markets Subcommittee Chairman Garrett and Congresswoman Maloney announced the reintroduction of the long-awaited SIPC legislation that promises SIPC protection for all investor customers of broker-dealers, and relief for thousands of innocent Madoff and Stanford victims. The legislation is precisely the same as what was introduced in the 113th Congress, and retains the original name: The Restoring Main Street Investor Protection and Confidence Act

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    Don Trone Blasts DOL Fiduciary Plan: Still Wouldn’t Stop Madoff

    Don Trone, often referred to as the “Father of Fiduciary,” testified at a Department of Labor hearing on Thursday that its proposed fiduciary rulemaking would have failed to stop famed Ponzi schemer Bernie Madoff, and that more fiduciaries than brokers have stolen money from investors. “I think research will show that over the last 15 to 20 years, fiduciaries have stolen more money from investors and retirement savers than brokers,” Trone, who has been steeped in fiduciary endeavors for the past 30 years via his founding of the Foundation for Fiduciary Studies, as principal founder of fi360, and now as head of 3ethos, told DOL executives. “Bernie Madoff was subject to a fiduciary standard, and, if he was here today, I think he would say that the department’s proposed rules would not have slowed him down.” More on Think Advisor here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Fairfield Investors, Citco Settle Madoff-Related Lawsuit

    A long-time employee of mega-swindler Bernie Madoff who turned government informant in 2009 has agreed to a plea deal with prosecutors. This marks the final prosecution in the more than six-year long Bernie Madoff case, who first admitted to his gigantic fraud back in late 2008.
    Irwin Lipkin, 77, agreed he owes the government a Rolex watch, a well-known painting by Red Skelton and $170 billion cash on Monday, and was sentenced to six months in jail Wednesday on charges of conspiracy and making false statements in employment records. More in the Wall Street Journal here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Key Madoff Employee Pleads Guilty; Fined $170 Billion

    A long-time employee of mega-swindler Bernie Madoff who turned government informant in 2009 has agreed to a plea deal with prosecutors. This marks the final prosecution in the more than six-year long Bernie Madoff case, who first admitted to his gigantic fraud back in late 2008. Irwin Lipkin, 77, agreed he owes the government a Rolex watch, a well-known painting by Red Skelton and $170 billion cash on Monday, and was sentenced to six months in jail Wednesday on charges of conspiracy and making false statements in employment records. More on ValueWalk here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Chapter closes on Bernie Madoff saga

    Is this finally, at long last, the end of the Bernie Madoff saga? The last of Bernie’s employees who were charged with helping to perpetuate his giant scam was sentenced Wednesday in New York. Irwin Lipkin, who began working Bernard L. Madoff Securities in 1964 and was the firm’s comptroller when he left in 1998, was charged with falsifying records. More in the Palm Beach Daily News here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Companies forced to disclose CEO-workforce pay gap

    Publicly traded companies will have to disclose the pay ratios of their CEOs and the median pay of their workforce thanks to a split vote by the US Securities and Exchange Commission (SEC) on Wednesday. SEC chairwoman Mary Jo White said the regulator had no option other than to pass the rule, which passed in a 3-2 vote, with the two Republican commissioners voting against. The commission was tasked with enforcing a number of provisions contained within the Dodd-Frank Wall Street reform act, which marked its five-year anniversary in July, including the pay-ratio rule. “It is the law and we are required to carry it out,” White said. More in the Guardian here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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