This is our second update regarding the collapse of securities firm Bernard L. Madoff Investment Securities LLC (“BMIS”) and the associated fraud scheme to which its founder, Bernard Madoff, admitted in December.
The alleged “Ponzi” scheme has affected countless investors. The many news items and the numerous court cases that have been filed to date (summarized below) suggest that investors are hoping against the odds to find assets and to reduce their losses.
As we previously reported, the Securities Investor Protection Corporation (“SIPC”) provides limited coverage up to a maximum of $500,000, inclusive of $100,000 for cash.
Please see full update for more information.
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