SIPC President Says $2.6 Billion Will Cover all Legitimate Madoff Claims; Victims Disagree With Formula Used

Stephen Harbeck, president of the Securities Investor Protection Corp., has now stated that the $2.6 billion SIPC has on hand is enough to satisfy all legitimate claims by victims of Bernard Madoff’s Ponzi scheme. Bloomberg reports that Harbeck’s position is based on a formula with which Madoff investors take great issue. SIPC’s decision, first announced by trustee Irving Picard at…

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