Tax consultancy’s specialty—helping those swindled in investment frauds—may have been a tad too specialized: Chapter 7 filing shows less than a dozen clients. Read Investment News article here.
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 BLOG ISSUES SPOTLIGHT
HEY SIPC! SO WHAT IS INSURANCE ANYWAY?!! Ron Stein March 4, 2010 So let’s start getting to the meat of the issue: investor protection. Not just Madoff investors, Stanford investors, Petters investors. All investors. Which brings us to the issues of insurance, which the Trustee and SIPC spend enormous time asserting is not the case with SIPC protection. Aside from the probable fact that 99 out of 100 investors who have heard the letters “SIPC” before would put the words “SIPC” and “insurance” together, it is, by any definition, insurance. Lousy insurance, to be sure. Misrepresented insurance, certainly. Not insurance of the FDIC variety, okay. But I’ll go further. Let’s put aside the fact that millions of investors have been led to believe that SIPC is insurance; put aside as it has been asserted in various briefs that government institutions such as the SEC, FINRA – the entity that audits and regulates broker-dealers, court cases, heck, even President Nixon in his short speech when signing the bill into law called, and even continue to call it (though not Nixon) insurance. For SIPC to continue to assert that it is not insurance is akin to Bernie Madoff now insisting that he ran an honest operation. Read Full Post
ON JUDGE LIFLAND, NOT SO GREAT EXPECTATIONS, "CRAZY HE CALLS ME" AND STUCK IN SIPC Ron Stein February 15, 2010 As Madoff victims hang on tenterhooks awaiting Judge Lifland’s decision on “net equity”, I thought it to be a good time for some modest ruminations. For those of you too confused on this (or have spent too long in a cave) it boils down to this: are Madoff investors entitled to SIPC protection based on the values reflected on their final accounts and confirmation or on some arithmetic calculation that dismisses any validity to the investment statmenet . To those who care – and most everyone should – don’t get your hopes up, I’m sorry to say. But it’s also not a slam dunk for the Trustee, either. Read Full Post
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 |
Investors in Gabriel Capital LP, a so-called feeder fund that funneled money to imprisoned swindler Bernard Madoff, were awarded $12.74 million by a panel of three arbitrators, court records show. Read Reuters report here. One of Southwest Florida’s most notorious Ponzi schemers may have gotten taken himself. Read Herald Tribune article here. A Gibraltar court has been asked to release over $73 million deposited in accounts there by a custodian for Bernard L. Madoff investor Vizcaya Partners. The U.S. judge overseeing the liquidation of Mr. Madoff’s firm is seeking the funds so they can be distributed to victims, The Wall Street Journal reported. See NY Time article here. Greetings. As many of you know, this has been a busy time on both the legal and legislative fronts. There has been much attention on the legal side as attorneys have filed their briefs on net equity with the US Federal Court of Appeals (NAIP has filed an amicus brief as well). The focus of this update, however, will be on the legislative front, particularly HR 5032 – the Ponzi Victims Investor Protection Act of 2010. CLICK HERE FOR FULL UPDATE. Several briefs have been filed over the past two weeks on net equity appeal and customer motion. We have made available many of these briefs on the www.madoff-help.com website under Court Filings (see Net Equity and Customer Motion Section). Click here to visit website and access briefs. HSBC Holdings Plc, Europe’s biggest bank, should turn over internal reviews of potential fraud and other operational risks at Bernard Madoff’s business from 2006 and 2008, a New York judge ruled. Read Bloomberg report here. Irving Picard, the trustee liquidating con man Bernard Madoff’s firm, asked a judge to approve fees of $34.6 million for legal work done from February through May, bringing his total requests to $96.7 million. The Internal Revenue Service Aug. 20 released Notice 2010-58, providing guidance for taxpayers electing a three, four, or five-year net operating loss carryback rather than the usual two-year carryback. The guidance answers frequently asked questions about election procedures, deadlines, and eligibility; the alternative tax net operating loss deduction; and the 50 percent limitation on an NOL carried back to the 5th preceding taxable year. It applies to an “applicable NOL,” which is defined as an NOL for a taxable year ending after Dec. 31, 2007, and beginning before Jan. 1, 2010. Notice 2010-58 will appear in Internal Revenue Bulletin 2010-37 dated Sept. 13. |
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