January 13, 2009

Madoff Fraud could wipe out Insurance fund!

Washington, DC --- The Securities Investor Protection Corporation (SIPC) could be wiped out by claims filed in relation to the $50 Billion fraud perpetrated by Bernard Madoff, a spokesman for SIPC says.

The SIPC is not a government agency but rather a corporation formed by Congress to protect investors whose money is stolen. SIPC has only about $4 billion available to it and could be totally wiped out by claims filed from Bernard Madoff's victims, leaving nothing for everyone else.

Details Here