SIPC Forum, BDO Censured, UBS, SEC’s Scarboro: Compliance
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Wall Street’s insurance fund for failed brokerages is “the worst kind of insurance company,” according to an investor who lost money with Bernard L. Madoff.
Leah Larsen, 72, who said she lost about $100,000 with Madoff, said the Securities Investor Protection Corp. denied her claim because her money was pooled with her brother’s account. SIPC is “constantly finding technical reasons for choking out victims,” she said.