Wall Street Icon Bernard Madoff’s $50 billion “Ponzi” scam may very well have bilked hundreds, even thousands, of investors of their money. Now, many of Madoff’s victims are contacting the securities fraud law firm of Shepherd Smith Edwards & Kantas LTD LLP to find out how they can recover their investments.
According to SSEK Founder and Stockbroker Fraud Attorney William Shepherd, “a number of recovery options” exist, including pursuit of:
• Securities Industry Protection Corp: SIPC has a $500,000 maximum guarantee limit per account. Its reserves are also limited and it needs government infusion to be able to cover losses in the billions of dollars. To be able to recover claims, legal action against SIPC is usually necessary. On Monday, a judge ruled that investors who were Madoff’s direct clients are covered under SIPC.
• The entities and individuals that make up Madoff’s financial empire.
• Third party participants.
• Parties that placed other people’s money into Madoff accounts.
The stockbroker fraud law firm is also exploring other sources of investor relief. “Our firm has also assisted many clients to qualify for substantial tax rebates based on overpayments and/or loss reclassification,” says Securities Fraud Attorney Shepherd.
Madoff, who is the founder of Bernard L Madoff Investment Securities, LLC and the former chairman of Nasdaq, was arrested and charged with securities fraud last week. The US Attorney’s office in the southern district of New York says Madoff himself admitted to defrauding clients for up to $50 billion. Already, investors have reported at least $23 billion in losses. Victims of Madoff’s investment scam include not only his direct clients, but also investors in feeder funds that were set up by external investment advisory firms.
SSEK is offering Madoff investors a free consultation to evaluate their possible securities fraud claims and review their recovery options.
Wall Street’s Latest Downfall: Madoff Charged with Fraud, Time, December 12, 2008
Madoff Victims May Have Numerous Sources of Recovery Says Shepherd Smith, Edwards & Kantas LTD LLP Securities Law Firm Founder, MarketWatch.com, December 15, 2008
Bernard L Madoff Investment Securities, LLC