Many Madoff victims are being denied their SIPC insurance in the BLMIS SIPA liquidation. Stephen Harbeck, President and CEO of SIPC insists that SIPC is NOT an FDIC "like" insurance product and that it was not the intent of Congress for the SIPC fund to protect investors from fraud by a dishonest broker. MANY, including the President who signed the SIPA into law, STRONGLY disagree!
*We're aware that SIPC was not intended to protect against market fluctuation!
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