Madoff Victims: The SEC Failed Us and SIPC Is Trying to Scam Us

Harry Markopolis first complained to the SEC numerous times in 2000. The boss was Bill Clinton. The SEC chairman was Arthur Levitt.

Was Madoff even an SIPC member? Doubtful. I truly appreciate the arguments against the SEC, I share the same views. The SEC has lost all credibility, and should be dismantled in order for any faith in securities regulation to exist. The fact that the SEC will live to fight another battle, in my mind, is absurd. Vilifying the SIPC is not the answer. Was Tremont paying SIPC dues? Again, highly doubtful. Those SIPC checks really are just a federal gift to swindled investors. And to those those investors who had more than 25% of their savings with Madoff/Tremont, some words of advice they already know: diversify, diversify, diversify.

Was Madoff even an SIPC member? Doubtful. I truly appreciate the arguments against the SEC, I share the same views. The SEC has lost all credibility, and should be dismantled in order for any faith in securities regulation to exist. The fact that the SEC will live to fight another battle, in my mind, is absurd. Vilifying the SIPC is not the answer. Was Tremont paying SIPC dues? Again, highly doubtful. Those SIPC checks really are just a federal gift to swindled investors. And to those those investors who had more than 25% of their savings with Madoff/Tremont, some words of advice they already know: diversify, diversify, diversify.

Was Madoff even an SIPC member? Doubtful. I truly appreciate the arguments against the SEC, I share the same views. The SEC has lost all credibility, and should be dismantled in order for any faith in securities regulation to exist. The fact that the SEC will live to fight another battle, in my mind, is absurd. Vilifying the SIPC is not the answer. Was Tremont paying SIPC dues? Again, highly doubtful. Those SIPC checks really are just a federal gift to swindled investors. And to those those investors who had more than 25% of their savings with Madoff/Tremont, some words of advice they already know: diversify, diversify, diversify.

It's no wonder people are buying gold when you cannot trust the monitors of, or the insurance behind, the investment industry!

never fear. SEC will crucify Stanford, pat themselves on the back and go back to sleep for another decade.

Regulations have proven to be a failure. Regulators and politicians can be bought while the crooks work around the regulations. In the long run, the market is the only regulator and people should be careful who they trust with their money. Caveat emptor!!!!

Hey Johnny Ike- learn to spell. Better yet get a coherent thought.

What kind of idiot puts ALL of their life savings into a SINGLE investment?

Christopher Cox, SEC Chairman, = Republican. He also failed his constituents in Orange County, Ca. on gun control.

I think it is pretty clear, although we all seem not to want to admit it. The SEC knew what was going on. They allowed it to continue, thinking that it will never come to the point that it has. No-one can with a straight face tell me that the SEC (Their job is to police the system) did not know this was a scam from the first detailed complaint. There is WAY more to this then we will ever know. Wait till the domino's start to fall, and they will fall. The names that get tied to this scam will shock the world. Tooler

Send Gov't regulators to prison for 150 years.. Their crimes are as big as Madoff's. ok let's show some mercy. 100 years.

Quit your crying Madoff investors,aka enablers. He wondered why the baseball kept getting bigger. Then it hit him.

Quit your crying Madoff investors,aka enablers. He wondered why the baseball kept getting bigger. Then it hit him.

Government only succeeds thru its own failure.....thats the game....taxpayers using FIAT money,... are the pawns.......and prey....it is all a scam......,.a government sanction scam.......they need you to die before you collect on the big Ponzi Scheme.....Social Security...."trade in your hours for a handful of dimes"....The United States is Governed by Crooks and Con Artist........Change!!! Yeah.....on down the line.........Sugar Poisioned American Brains.....

This is not the first time the SEC has failed the public. If you look into the very recent past you'll see they have been the head of several debacles of which they give pat answers "We're sorry", We didn't have enough people in place, or we didn't know. Excuse me but that is their responsibility. If they can't provide adequate protection from these thieves (AIG, GM, Chrysler, Madoff, WAMU, etc...) then fire the lot of them and start over.

Arthur Levitt, SEC Chairman = Democrat. Guess he didn't know what the definition of "is" was either. Get a life, Thrift Maven, it's equally bad on both sides of the aisle.

Madoff Investors: Look in the mirror and say to your self that I paid the price because I wanted 15% return and I knew the risk. There many investors on the same boat of greed. Say that I will not make this mistake again, the smart people got 3 to 4% return. Say that I should blame myself and NOT any other person or government agency. When you can not sleep, read this note 1000 times and I assure you that you will go to sleep because you knew what your getting in to "risk reward" why we should pay for your grid while I earned 5% from last 30+ years.

Madoff Investors: Look in the mirror and say to your self that I paid the price because I wanted 15% return and I knew the risk. There many investors on the same boat of greed. Say that I will not make this mistake again, the smart people got 3 to 4% return. Say that I should blame myself and NOT any other person or government agency. When you can not sleep, read this note 1000 times and I assure you that you will go to sleep because you knew what your getting in to "risk reward" why we should pay for your grid while I earned 5% from last 30+ years.

1. Johnny Ike - Learn how to spell and try to proof read what you have written and ask yourself this question, "Does this make sense or does it sound like a donkey wrote it?" 2. Anyone who thinks this is all one big conspiracy between the government (SEC, SIPC, IRS) and Madoff needs to quit dropping acid. 3. These investors should have used common sense and asked questions like...How on earth is it possible for Madoff to be achieving these returns?...Is my money really insured if I invest through an intermediary?...Am I a complete idiot for not diversifying? 4. The SIPC has ABSOLUTELY ZERO responsibility to pay victims any amounts in excess of what is insured according to regulations currently in place. How stupid does it sound to say, "I should get the value of my account per the statement I last received from Madoff?" Do people really think they should be paid for fake gains? Investing has risks and people should know that one of those risks is fraud!