Victims of the Bernard F. Madoff investment fraud will assemble to warn American investors that they too are at risk of becoming victims of a Wall Street fraud. The street demonstration will warn the general public that anyone investing in the market through a broker today is not protected from similar investment frauds and that Congress needs to act to remedy legislation passed in 1970 to create the Securities Investor Protection Corp. (SIPC).
A casket draped in black will signify the death of investor protections that the SIPC claims it provides.
Speakers will talk about the absence of justice for the victims and the importance of pending legislation in
Congress, H.R. 757. This proposed legislation will go a long way in restoring investor confidence in America's financial system. H.R. 757 is the single most important piece of legislation currently before Congress. It will protect every investor who deals with a SIPC covered broker/dealer. Without it, SIPC will continue to make its own rules , disregarding Congressional intent at the expense of innocent investors.
Every broker/dealer in the U.S. is required to carry SIPC replacement coverage funded by broker/dealers. This leads investors to think that each of their accounts is insured for up to $500,000. "Don't, for one minute, believe that the SIPC logo on your monthly statements affords you any real protection. Madoff victims know from experience that it's a lie," says one investor who lost her life's savings in the Madoff fraud. "Government oversight is worthless"the SEC's multiple investigations of Madoff over many years found absolutely nothing wrong ."
Victims of the largest financial fraud in world history, the Madoff Ponzi scheme, will be on hand to speak
to the public and the media about their personal experiences and explain what can be done to ensure that
SIPC protection is real and that the statements produced by SEC regulated Wall Street brokers are legally binding on SIPC.
What: A public street demonstration by Madoff victims against the Securities Investor Protection
Corporation's (SIPC) failure to protect investors and for support of H.R.757, which is now before
Where: Bowling Green Plaza, Manhattan.