Word: feeders
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Dates: during 2000-2009
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...know what to do with that $173 million in uncashed checks investigators found in Bernie Madoff's desk drawer last week: send them to his feeder-fund customers. These people also could use the bling Bernie's been secretly sending to friends...
...While the Securities Investor Protection Corp. (SIPC) is helping Bernie's closest friends and investors with recovery of up to $500,000, the unregistered feeder-fund victims are likely to get little. Here's why: As it stands, the SIPC's charter helps investors recover monies only from registered brokers and firms engaged in fraud. This is all good for the 8,000 who had registered or direct accounts with Bernard Madoff Investment Securities, a broker/dealer. In fact, right now, most are busy filling out their just arrived SIPC claim-recovery forms in hopes of getting back half...
...billion global Ponzi - people like me, who collectively may have contributed 30% to 50% of Madoff's billions under management and never heard of Madoff until a month ago - are wondering what to do and whom to sue. Currently there are 17 legal cases filed against Madoff or his feeder-fund managers, according to the D&O Diary, a legal blog following the case. Some of these suits are akin to grasping at straws. For example, my feeder-fund manager, Stanley Chais, has already said he's broke because of losses suffered with Madoff...
...Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...
There's anger too, and a gathering phalanx of lawyers ready to go after Madoff, his feeder funds and brokerage houses. Few victims expect to realize much from this legal offensive. Most see the Internal Revenue Service as the go-to place for lost monies, with at least three years of back taxes being recoverable. The next best hope: the Securities Investors Protection Corporation, which was set up for just such fraudulent behavior among securities brokers. It's unclear how much money SIPC has for victims, and payouts are notoriously slow. But there are reports it may offer between...