U.S., Chinese Officials to Cooperate in Cross-Border Brokerage Insolvency, Liquidation Cases
WASHINGTON, D.C. & BEIJING – November 12, 2009 – The Securities Investor Protection Corporation (SIPC) and the China Securities Investor Protection Fund Corporation (SIPF) have entered into a memorandum of understanding (MOU) that will act as a framework for cross-border communication and cooperation with respect to the similar functions undertaken by the groups and covered by the laws of each country. In the U.S., the Securities Investor Protection Corporation (SIPC) maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms. … (more)
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Major Milestone: Over Half a Billion Dollars Advanced by SIPC So Far to Madoff Customers
BLMIS Payouts Now in the Works Exceed the Total of All 321 Previous Proceedings Since Start of SIPC in 1970
NEW YORK CITY & WASHINGTON, D.C. -- October 28, 2009 – The total amount of Securities Investor Protection Corporation (SIPC) advances committed to customers in the Securities Investor Protection Act (SIPA) liquidation proceeding for Bernard L. Madoff Investment Securities LLC (BLMIS) has topped half a billion dollars ($534.25 million), with a total of 2,861 direct customer claims determined to date. … (more) Listen here
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SIPC Trustee Sues Ruth Madoff: Seeks Recapture of $45 Million
NEW YORK CITY -- July 29, 2009 – Irving L. Picard, the Trustee appointed to liquidate the business of Bernard L. Madoff Investment Securities LLC ("BLMIS"), filed suit today against Ruth Madoff, the wife of Bernard L. Madoff, seeking to recapture at least $44,822,355 in funds that were transferred from BLMIS during the past six years directly to Mrs. Madoff or for her benefit to companies in which she was an investor. In the Trustee’s complaint, filed in Bankruptcy Court in Manhattan by the Trustee's law firm, Baker & Hostetler LLP, Mr. Picard details 111 transactions which he alleges were fraudulent transfers or conveyances recoverable under the Bankruptcy Code. … (more)
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