Washington, D.C. -- On the eve of the one year anniversary of the Bernie Madoff scandal, a group of victims will testify before Congress this Wednesday to discuss proposals that will protect and aid the unwitting investors of financial scams. The victims will talk about their struggles in the aftermath of the historic Ponzi scheme's collapse and suggest ideas how Congress can help victims of financial frauds.
In the morning, the subcommittee will hear from Helen Davis Chaitman, a lawyer representing hundreds of Madoff victims, as well as several of the victims themselves and academic experts. In the afternoon, the Securities Exchange Commission and the Securities Investor Protection Corporation, the bodies charged with protecting and insuring investors, will also speak before Congress on the matter. Chaitman and the victims will be accessible at a short press conference and media availability immediately following the morning portion of the hearing.
While it has been almost a year since authorities discovered
the Madoff scheme, thousands of investors have still not received a penny in
government-mandated SIPC insurance which Wall Street is required to pay. Many victims, such as those at the hearing,
are virtually penniless and live in day to day fear of lawsuits just for
investing in Madoff.
The Hearing of the Subcommittee on Capital Markets will be held at the Rayburn House Office Building, room 2128 at 10am on Wednesday, Dec. 9. The victims' press conference to follow.