Comments on: Kanjorski and Ackerman Undress the SEC and SIPC http://www.noquarterusa.net/blog/38429/kanjorski-and-ackerman-undress-the-sec-and-sipc/ Sun, 27 May 2012 09:27:00 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Scott http://www.noquarterusa.net/blog/38429/kanjorski-and-ackerman-undress-the-sec-and-sipc/#comment-1326679 Scott Tue, 30 Mar 2010 18:08:02 +0000 http://www.noquarterusa.net/blog/?p=38429#comment-1326679 Never underestimate the creativity and duplicity of con artists. They will do anything to separate you from your money and securities. In one case, a group of fraudsters created a fake mirror image of the <a href="http://www.sec.gov/answers/sipc.htm" rel="nofollow"> Securities Investor Protection Corporation</a> (SIPC)'s website and used the "look-alike" site to mislead investors. In order to warn investors about this scam, SIPC issued a <a href="http://www.sec.gov/cgi-bin/goodbye.cgi?www.sipc.org/media/release29jan04.cfm" rel="nofollow">press release</a> which exposed a fictitious entity known as the International Brokers Association. The IBA website mimics almost exactly the look, feel, and content of SIPC's website – with one notable exception. In the "members" area of the SIPC website, investors can confirm whether a brokerage firm is a member of SIPC by doing a search against the SIPC database. The IBA website, by contrast, simply lists IBA's supposed members. Included among IBA's members are fraudulent firms that do not appear on SIPC's membership list and that are not registered with either the SEC or FINRA. <a href="http://directory.nh.com/manchester+nh/banks.zq.html" rel="nofollow">banks in Manchester</a> Never underestimate the creativity and duplicity of con artists. They will do anything to separate you from your money and securities. In one case, a group of fraudsters created a fake mirror image of the Securities Investor Protection Corporation (SIPC)’s website and used the “look-alike” site to mislead investors.
In order to warn investors about this scam, SIPC issued a press release which exposed a fictitious entity known as the International Brokers Association. The IBA website mimics almost exactly the look, feel, and content of SIPC’s website – with one notable exception. In the “members” area of the SIPC website, investors can confirm whether a brokerage firm is a member of SIPC by doing a search against the SIPC database. The IBA website, by contrast, simply lists IBA’s supposed members. Included among IBA’s members are fraudulent firms that do not appear on SIPC’s membership list and that are not registered with either the SEC or FINRA.
banks in Manchester

]]> By: RICHARD FRIEDMAN http://www.noquarterusa.net/blog/38429/kanjorski-and-ackerman-undress-the-sec-and-sipc/#comment-1286555 RICHARD FRIEDMAN Fri, 18 Dec 2009 01:11:07 +0000 http://www.noquarterusa.net/blog/?p=38429#comment-1286555 creeper: understandably, you cannot just view this video and have a complete understanding of all the issues. Please be aware that part of the SIPA statute makes reference to the "legitimate expectations" of the investor based upon their receiving confirmation of the purchases of actual (as opposed to fictitious) securities. The customers had every right to believe that Madoff was purchasing actual securities as evidenced in their statements and by the SEC stating numerous times that Madoff was clean. The fact that he never bought actual securities is irrelevant. That is the purpose of SIPC to protect people when something like that happens. The purpose of the SIPA act was to make the American investor protected when leaving their securities with the broker/dealer in street name. That is why SIPC is covering securities, even though none were purchased. The cruel irony of all of this is that without the SIPA Act, what Madoff did could never have happened in the first place. While SIPC was created to protect investors, its very creation was the catalyst which allowed Madoff to create his scheme in the first place. creeper: understandably, you cannot just view this video and have a complete understanding of all the issues. Please be aware that part of the SIPA statute makes reference to the “legitimate expectations” of the investor based upon their receiving confirmation of the purchases of actual (as opposed to fictitious) securities. The customers had every right to believe that Madoff was purchasing actual securities as evidenced in their statements and by the SEC stating numerous times that Madoff was clean. The fact that he never bought actual securities is irrelevant. That is the purpose of SIPC to protect people when something like that happens. The purpose of the SIPA act was to make the American investor protected when leaving their securities with the broker/dealer in street name. That is why SIPC is covering securities, even though none were purchased.

The cruel irony of all of this is that without the SIPA Act, what Madoff did could never have happened in the first place. While SIPC was created to protect investors, its very creation was the catalyst which allowed Madoff to create his scheme in the first place.

]]> By: Docelder http://www.noquarterusa.net/blog/38429/kanjorski-and-ackerman-undress-the-sec-and-sipc/#comment-1286449 Docelder Thu, 17 Dec 2009 17:23:42 +0000 http://www.noquarterusa.net/blog/?p=38429#comment-1286449 It was intended it sounds like to cover investor monies held until they were invested, or monies from stocks sold and not yet transferred in the event the legitimate firm went out of business and outstanding transactions were in the pipeline. Did it ever anticipate fraud? Certainly not on this scale, but ever. I think this is the question... is or was fraud covered? It was intended it sounds like to cover investor monies held until they were invested, or monies from stocks sold and not yet transferred in the event the legitimate firm went out of business and outstanding transactions were in the pipeline. Did it ever anticipate fraud? Certainly not on this scale, but ever. I think this is the question… is or was fraud covered?

]]> By: creeper http://www.noquarterusa.net/blog/38429/kanjorski-and-ackerman-undress-the-sec-and-sipc/#comment-1286447 creeper Thu, 17 Dec 2009 17:00:28 +0000 http://www.noquarterusa.net/blog/?p=38429#comment-1286447 Hmmm...sorry, I missed the reference to "cash". I suppose on that basis Madoff's victims could make a case for recovery. They sure can't make a case for intelligent investing. Hmmm…sorry, I missed the reference to “cash”. I suppose on that basis Madoff’s victims could make a case for recovery.

They sure can’t make a case for intelligent investing.

]]> By: creeper http://www.noquarterusa.net/blog/38429/kanjorski-and-ackerman-undress-the-sec-and-sipc/#comment-1286436 creeper Thu, 17 Dec 2009 15:51:24 +0000 http://www.noquarterusa.net/blog/?p=38429#comment-1286436 The problem with arguing that Madoff's investors should be covered lies here: <blockquote>The cash and securities – such as stocks and bonds – held by a customer at a financially troubled brokerage firm are protected by SIPC.</blockquote> There never were any securities to cover. The investors just handed their money over to Madoff with seemingly no documentation of where it had gone. Where it went, as with all Ponzi schemes, was to pay off the earliest investors. The problem with arguing that Madoff’s investors should be covered lies here:

The cash and securities – such as stocks and bonds – held by a customer at a financially troubled brokerage firm are protected by SIPC.

There never were any securities to cover. The investors just handed their money over to Madoff with seemingly no documentation of where it had gone. Where it went, as with all Ponzi schemes, was to pay off the earliest investors.

]]> By: Sonic Ninja Kitty http://www.noquarterusa.net/blog/38429/kanjorski-and-ackerman-undress-the-sec-and-sipc/#comment-1286431 Sonic Ninja Kitty Thu, 17 Dec 2009 15:32:37 +0000 http://www.noquarterusa.net/blog/?p=38429#comment-1286431 Thank you for this post, LD! The government-special interest connection is ruining our country. I don't say 'business' because not ALL businesses are in on the scamming. Mid and small sized companies rarely have this type of influence. Additionally, a special interest can be another country. Ban lobbyists. Fix campaign financing. Clean out congress and start over with new representatives. They should represent the PEOPLE of the US, not special interests. Thank you for this post, LD!

The government-special interest connection is ruining our country. I don’t say ‘business’ because not ALL businesses are in on the scamming. Mid and small sized companies rarely have this type of influence. Additionally, a special interest can be another country.

Ban lobbyists. Fix campaign financing. Clean out congress and start over with new representatives. They should represent the PEOPLE of the US, not special interests.

]]> By: candymarl http://www.noquarterusa.net/blog/38429/kanjorski-and-ackerman-undress-the-sec-and-sipc/#comment-1286422 candymarl Thu, 17 Dec 2009 14:47:20 +0000 http://www.noquarterusa.net/blog/?p=38429#comment-1286422 Why does Ms. Schapiro still have a job? She admitted that she was informed about Madoff in front of Congress and did nothing. Why wasn't she fired? Guess she <em>knows</em> the right people. Why does Ms. Schapiro still have a job? She admitted that she was informed about Madoff in front of Congress and did nothing. Why wasn’t she fired? Guess she knows the right people.

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