Wednesday, October 28, 2009

Madoff victims get some money

It was reported today that victims of Bernard Madoff's Ponzi scheme received $530 million which was guaranteed by the Securities Investors Protection Corp (aka SIPC). The SIPC guarantees brokerage accounts up to $500,000 and is similar to the FDIC which guarantees bank accounts. Apparently, this payout of over one-half billion dollars is a record which exceeded the combined payout of the SIPC from 321 previous payouts since 1970! Sad as it is, Bernie Madoff will definitely be remembered as a fraudster for the record books!

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