kotika98

Don't Be Scammed by Madoff Investor Sob Stories

Madoff was not a hedge fund, it was a broker-dealer. That means two things -
1) FINRA is the regulator, not SEC.
2) SIPC is on the hook for compensation, up to $500K.

So, FINRA should be taking the blame. Markopolos was complaining to the wrong agency, and of course its undertandable why. FINRA is a "self-regulation" authority which is stuffed by wall-street shills, it always takes the view of the industry and never of the investor rich or poor. Congress should shut it down and give all authority to an improved SEC. And instead we get Obama promoting a FINRA person to SEC, what a joke. Trust the wolf to protect the lambs, because wolf is the most knowledgeble and dedicated to lamb (meat).