WASHINGTON, DC – January 7, 2014 – The Securities Investor Protection Corporation (SIPC) issued a statement today in connection with the announcement of the forfeiture of $1.7 billion by JPMorgan Chase Bank, N.A., for distribution to victims of the Bernard L. Madoff Investment Securities LLC fraud.

SIPC President Stephen Harbeck said: “We commend Trustee Irving Picard and his team for their tireless efforts in uncovering the facts that led to the U. S. Attorney/JPMorgan Chase forfeiture as it relates to Bernard L. Madoff Investment Securities LLC. SIPC financed the Trustee’s investigation that developed those facts, which was done at no cost to either former BLMIS customers or taxpayers. The Trustee’s cooperation and sharing of information with the U. S. Attorney’s office shows how the work under the Securities Investor Protection Act to return funds to investors when a brokerage firm fails may have a broader impact for the benefit of customers.”