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While I understand the need to keep the public informed of any story relating to the man who stole $64B right under the eyes of the SEC, I find it difficult to understand why there isn't more focus on the injustices and sordid details of the aftermath of the fraud.
Madoff was the crook-he confessed. We all know that, but in the three years since the fraud was revealed, the victims have been exposed to things much more horrendous than Ruth will ever know. They have lost their homes, their life insurance, their health care, and the financial security they worked 30+ years for. These innocent investors trusted the SEC and FINRA to properly oversee their broker, or at least case to inform them that these agencies were warned on numerous occasions over a 10 year period that their broker may be a fraud.
These investors had the SIPC seal on every trade confirmation they received from their SEC approved broker and believed that SIPC would insure their investments if their broker was found to be dishonest. As a result of SIPC reneging on its promise of protection, 80 and 90 year old investors have been forced to return to work, usually in menial jobs since they were no longer trained in their given professions.
These investors have been brutally hounded by Trustee Irving Picard to return money that they took out in good faith from their SEC registered broker account. These same investors paid income taxes for 30+ years on money that they are now being told was "phantom income", yet they were only able to receive a portion of taxes back for the last 5 years.
The injustices seen by thousands of Madoff victims have been ignored and yet every American investor is subject to the same injustices if they find themselves invested with a dishonest broker.
The major difference between these innocent investors and Ruth and Bernie is simple--the investors have pulled themselves up and have educated themselves on the laws and the best way to fight back. They have gotten support from members of Congress, who have initiated bills to ensure that the SEC is held responsible for their failures and that SIPC be made to pay the protection they promise.
Ruth and Bernie took the low road-they tried to escape the pain and they failed. Madoff victims are taking the high road and are helping to protect all American investors as they proceed. Despite the horrors we face, we can proudly say we will survive.
THIS IS THE STORY THAT NEEDS TO BE TOLD.
