55 online
 
Most Popular Choices
Share on Facebook 7 Printer Friendly Page More Sharing
Exclusive to OpEd News:
OpEdNews Op Eds   

Madoff Attempted Suicide? - A Victim's Perspective

By       (Page 1 of 1 pages)   No comments
Follow Me on Twitter     Message Ronnie Sue Ambrosino
Become a Fan
  (1 fan)


While I understand the need to keep the public informed of any story relating to the man who stole $64B right under the eyes of the SEC, I find it difficult to understand why there isn't more focus on the injustices and sordid details of the aftermath of the fraud.

Madoff was the crook-he confessed. We all know that, but in the three years since the fraud was revealed, the victims have been exposed to things much more horrendous than Ruth will ever know. They have lost their homes, their life insurance, their health care, and the financial security they worked 30+ years for. These innocent investors trusted the SEC and FINRA to properly oversee their broker, or at least case to inform them that these agencies were warned on numerous occasions over a 10 year period that their broker may be a fraud.

 

These investors had the SIPC seal on every trade confirmation they received from their SEC approved broker and believed that SIPC would insure their investments if their broker was found to be dishonest. As a result of SIPC reneging on its promise of protection, 80 and 90 year old investors have been forced to return to work, usually in menial jobs since they were no longer trained in their given professions.

 

These investors have been brutally hounded by Trustee Irving Picard to return money that they took out in good faith from their SEC registered broker account. These same investors paid income taxes for 30+ years on money that they are now being told was "phantom income", yet they were only able to receive a portion of taxes back for the last 5 years.

 

The injustices seen by thousands of Madoff victims have been ignored and yet every American investor is subject to the same injustices if they find themselves invested with a dishonest broker.

 

The major difference between these innocent investors and Ruth and Bernie is simple--the investors have pulled themselves up and have educated themselves on the laws and the best way to fight back. They have gotten support from members of Congress, who have initiated bills to ensure that the SEC is held responsible for their failures and that SIPC be made to pay the protection they promise.

 

Ruth and Bernie took the low road-they tried to escape the pain and they failed. Madoff victims are taking the high road and are helping to protect all American investors as they proceed. Despite the horrors we face, we can proudly say we will survive.

 

THIS IS THE STORY THAT NEEDS TO BE TOLD.

Valuable 4   Well Said 3   Must Read 2  
Rate It | View Ratings

Ronnie Sue Ambrosino Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

I am a retired computer analyst and former Yoga instructor originally from New York. My life changed abruptly on December 11, 2008 when Bernard Madoff, my only source of income, confessed to running largest Ponzi scheme in history. I've been (more...)
 
Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines

 
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Who Decides What Madoff Victims Get? Picard or the Law?

Bernard Madoff Victims Get Support from US Congress

Fraud Magazine Honors Irving Picard

Will Madoff Trustee Irving Picard Pursue the SEC for Complicity in the Fraud?

Net Equity for Madoff Victims-Supported by Numerous Attorneys

BernardMadoffVictims Coalition Seeks Congressional Intervention To Ensure SEC Follows the Law

To View Comments or Join the Conversation:

Tell A Friend