One response to “Judge Approves Madoff Trustee’s Method of Calculating Losses”

  1. Judge Lifland wrote that the Madoff statements “were bogus and reflected Madoff’s fantasy world of trading activity,” As such, they cannot reflect legitimate “securities positions” on which claims can be based.”

    In other words, in the future any investor who subsequently finds out that there is a fraud of this type going on and have lost money, SIPC, which says it is not insurance (though the original act said it was) will not offer the protection that American investors thought they had.

    Without stock certificates being in your own name, no person can ever feel completely secure about their investments. The judge has effectively removed one of the main reasons for SIPC’s existence.