SIPC Liquidating Madoff Investment Securities

Discussion in 'Wall St. News' started by jeb9999, Dec 15, 2008.

  1. tradersboredom

    tradersboredom Guest

    it's a ponzi schem, meaning very few assets to liquidate. only 200 million of the 50 billion is actually there or if any.

    madoff kept all the money to himself or transferred it out to offshore accounts and used the money from new investors to pay withdrawals.



     
  2. tradersboredom

    tradersboredom Guest

    the money is gone, only 200 milion is left of the 50 billion invested by his clients. it's evaporated.

    people who cashed out early, they are lucky for doing their due diligence and suspicious and probably are the ones who called the FBI not the SEC.




     
  3. tradersboredom

    tradersboredom Guest

    If you are suspicious of any CRIME actvity, please report to the FBI, CIA, NSA and your local congressman NOT the SEC.

    Investors need to enforce the laws themselves and do due diligence AND 'research'


     
  4. ipatent

    ipatent

    Are any clients going to get the $500K in insurance?
     
  5. Casey30

    Casey30

  6. You guys on this thread have NO CLUE what you are talking about.

    First off, the SIPC only insures investor money from "fraud or theft" with a broker/dealer . . . which in this case is Madoff Investment Securities, LLC., - - - in contrast to Madoff's investment advisory service which is where all of the managed accounts were.

    If your accounts are with Madoff's investment advisory business ( which most of the $50 billion are ), then you are probably out of luck because that does not qualify for SIPC coverage ( $500k securities / $100k cash) coverage.

    People who cashed out "early" are going to have to return the money because they cashed-out off of a fraudulently inflated NAV.
    This will take 6-8 years to account for, easy.

    What really adds insult to injury is the fact that people had to PAY TAXES on all of these Madoff "gains" over the years!

    :eek:
     
  7. Casey30

    Casey30


    Can't they just amend their past tax filings?