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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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    Who is watching the financial advisory industry?

    The fiduciary debate is dominating the political agenda in the financial advisory world, but it isn’t the only unsettled business in the industry. An equally important issue is making sure that fiduciary investment advisors—who are required to always act in the best interests of their clients—are actually doing that. More on CNBC here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Supreme Court’s Denial of Cert Preserves Safe Harbor for Madoff Victims

    Yesterday, the Supreme Court denied two petitions for certiorari filed by Irving H. Picard—the Trustee for the estate of Bernard L. Madoff Investment Securities (“Madoff Securities”)—and the Securities Investor Protection Corporation (“SIPC”). Specifically, the Trustee and SIPC sought review of the Second Circuit’s holding that Bankruptcy Code Section 546(e) bars the Trustee’s attempts to recover innocent investor withdrawals from Madoff Securities made more than two years before Madoff Securities’ liquidation. Picard, Irving H. v. Ida Fishman Revocable, et al. (14-1129); Securities Investor Prot. Corp. v. Ida Fishman Revocable, et al. (14-1128). The Trustee has stated that the application of Section 546(e) will prevent him from recovering more than $4 billion from innocent customers of Madoff (i.e., investors with no knowledge of Madoff’s fraudulent scheme). More on JDSupra Business Advisor here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    High court blocks Madoff case claw-back bid

    The court-appointed trustee pursuing Ponzi scheme mastermind Bernard Madoff’s assets won’t be allowed to claw back money from hundreds of former customers who profited from the infamous scam. Ruling without comment, the U.S. Supreme Court Monday left intact a lower court decision that blocked trustee Irving Picard from seeking the funds on behalf of the thousands of other former Madoff customers who collectively lost as much as $20 billion in one of history’s largest frauds. Picard had hoped to recover an estimated $2 billion from so-called net winners, former Madoff customers who withdrew more than the principal they’d invested before the scam’s December 2008 collapse. More on USA Today here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Madoff Trustee’s High Court Rebuff May Cut Victim Recoveries

    Bernard Madoff’s victims shouldn’t expect to recover all $17 billion they lost now that the U.S. Supreme Court has refused to hear a case involving money that went to some customers more than two years before his scam collapsed. Irving Picard, the trustee unwinding Madoff’s firm, was seeking to reverse a December decision by the Manhattan-based U.S. Court of Appeals that shut off some older recoveries. In a June 22 order, the justices declined to take the case. They gave no explanation. More on Bloomberg here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Democrats Are Fed Up with the SEC’s Weak Financial Crimefighting

    The progressive movement has declared war on the Securities and Exchange Commission (SEC) and its chair, Mary Jo White. An uncoordinated yet scathing series of reports, letters and appeals have honed in on the New Deal-era regulatory body. And the fight is really about the agency’s long-term direction, as vacancies on the commission open up: Will it maintain the same industry-friendly posture of light-touch regulatory enforcement and ineffective rulemaking, or can a shift be made? Given the growing importance of the SEC, reformers are using whatever leverage they have to influence the outcome. You might believe Senator Elizabeth Warren’s 13-page letter to White, expressing personal disappointment with her tenure, kicked off this uproar. But separately, a growing discontent with the SEC has emerged within the financial reform community, and even within the agency itself. Former officials have called the SEC dysfunctional and even warned colleagues from joining up. More on The New Republic here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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