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    Madoff Scorecard, in Billions: $17.5 Lost, $10 Recovered, $1 to Do It

    Unwinding the biggest Ponzi scheme in U.S. history hasn’t been cheap. Six years after Bernard Madoff’s fraud collapsed, the cost of liquidating his defunct investment advisory firm to repay thousands of victims has topped $1 billion, though the con man’s former customers aren’t footing the bill. The fees, paid by the industry-backed Securities Investor Protection Corp., or SIPC, which is managing the case, have financed a team of lawyers who this week surpassed $10 billion in recoveries for victims, or almost 60 percent of the principal that vanished after Madoff’s arrest in December 2008. More on Bloomberg here.

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    Protecting Millionaires ‘Strains Logic & Reason’: SEC Commissioner

    Securities and Exchange Commission Chairwoman Mary Jo White reiterated Thursday that the agency is taking a “comprehensive review” of potential changes to the accredited investor definition, but SEC Commissioner Daniel Gallagher said such an endeavor “strains logic and reason,” and that “millionaires can fend for themselves.” Both White and Gallagher made their remarks during the Government-Business Forum on Small Business Capital Formation, held at SEC headquarters in Washington. The forum delved into whether changes need to be made to the accredited investor definition as it relates to natural persons. White stated that the SEC’s goal is to “assess whether we are properly identifying the population of investors who should be able to purchase securities in a securities offering without the protection afforded by the registration requirements of the Securities Act.” More on Think Advisor here.

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    $30 million award to tipster underscores banner year for SEC whistleblower program

    The U.S. Securities and Exchange Commission experienced a banner year with its whistleblower program in fiscal 2014, awarding more tipsters than all previous years combined and issuing a record-setting $30 million to one individual who reported fraud. The SEC said in a report to Congress this week that it authorized a total of nine monetary awards this year to people who provided original information about violations of federal securities laws. The agency had previously handed out a combined four awards since the program began in 2011. More in the Washington Post here.

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    SEC approves rules on stock exchange technology

    WASHINGTON (MarketWatch) — Despite concerns of some commissioners that a rule doesn’t go far enough, the Securities Exchange Commission on Wednesday voted unanimously in favor of regulations designed to ensure the technology at stock exchanges works. The Commission voted to adopt rules on Regulation Systems Compliance and Integrity, which requires self-regulatory organizations, securities exchanges, registered clearing agencies and significant alternative trading systems, to establish policies and procedures to help ensure that systems have capacity, integrity and resiliency. SEC Chairwoman Mary Jo White said the adoption of the rule was put in place because the commission could not exercise oversight with a purely voluntary framework. More on Market Watch here.

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    Madoff Fraud Recovery for Bilked Investors Tops $10 Billion

    The trustee unwinding Bernard Madoff’s defunct investment firm said he surpassed $10 billion in recoveries for victims — or about 59 percent of the principal lost in the Ponzi scheme — after reaching a deal with two offshore funds that funneled money to the fraud.
    Primeo Fund and Herald Fund, both based in the Cayman Islands, agreed to pay a total of $497 million to end lawsuits over their withdrawals from Madoff’s investment advisory business, the trustee, Irving Picard, said today in a statement.
    If the settlement is approved, the total amount recovered by Picard’s team of lawyers over the past six years will total more than $10.3 billion of the $17.5 billion lost by thousand of investors when Madoff’s scheme unraveled in December 2008. More on Bloomberg here.

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