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Did you lose money at Bear Stearns?
Investors have been led astray by Bear Stearns
execs. Bear Stearns management utterly failed to properly disclose
the potential risk to their net worth on risky mortgage backed
securities. They margined these securities with valuations that were
not independently determined by the market place but by themselves.
These mortgage related losses were not due so much to "illiquidity"
as they like to say, but by greed and lies. Click to read more about
Bear Stearns losses.
Have you lost money in Commodities
We have filed several complaints over the last few months, where the
losses are in the $100-200k range and the commissions are in the $50,000
to $100,000 range for people trading commodities options. (Learn
more about options fraud.)
If you have suffered from this type of trading in your account, we
may be able to help you recover your losses. Please
fill out the contact form to your right.
Did you get "Burned and Churned"
by your Broker Dealer?
During the recent bull market, some of the smaller
broker dealers have engaged in excessive trading in their clients
accounts. We have filed some complaints with with losses of
$100,000 to $200,000 and total commissions of over $100,000! If
you think your broker excessively churned your account, please
contact us immediately for a free, confidential
consultation (Examples of smaller broker dealers are JP
Turner, Joseph Stevens & Co. and Oppenheimer.)
Sub-Prime Lenders Stocks Crash.
Can you Recover Losses?
If you lost money in the securities of Accredited Home Lenders,
Fremont General, Impac Mortgage, New
Century, and Nova Star Financial we may be able to help you recover your
investment losses. Please contact us right away for
a no-cost, confidential consultation.
Joseph Stevens & Co.
We are currently representing several clients in cases involving
misrepresentation, unsuitability, unauthorized trades, and excessive
trading. If you believe you may have been victimized by
Joseph Stevens & Co we can help recover your investment losses."
Investor Fraud Alerts
Did you lose money with
the Madoff Fund Ponzi Scheme?
Contact Us Now for Expert Handling
of SIPC Claims.
There is already substantial confusion about SIPC’s role in the
Bernard Madoff Hedge Fund scandal caused mostly by lawyers who smell
money, but who have never actually represented a customer making a
claim in a SIPC liquidation.
Even lawyers with securities experience or with bankruptcy law
expertise may not be the best people to ask for help, because
SIPC liquidations are a
very specialized proceeding.
We have successfully helped customers in other SIPC
liquidations, and we are currently accepting claims in the Madoff
Securities matter as well.
And if your broker or investment advisor
recommended you let Madoff manage your money, it may be better than
for the details.
The essential difference between a liquidation under the
Bankruptcy Code and one under the SIPC is that under the Bankruptcy
Code the trustee is charged with converting securities to cash as
quickly as possible and, with the exception of the delivery of
customer name securities, making cash distributions to customers of
the debtor in satisfaction of their claims. An SIPC trustee, on the
other hand, is required to distribute securities to customers to the
greatest extent practicable in satisfaction of their claims against
Securities, what securities, you may ask?
As with all Ponzi schemes, it appears that Mr. Madoff didn’t buy the
shares in the market that he sold to the customers. That fact has
led a lot of people to assume that, if the securities aren’t there,
the customers will get nothing.
Not So Fast!
Customers whose paperwork we have reviewed have brokerage
account statements from Madoff Securities indicating that they do
indeed have shares in their accounts; shares sold to them by Madoff
The SIPC statute was intended to make certain that when a
brokerage firm fails, and the vault, when opened has less shares
than it is supposed to have, the customers don’t take the loss. SIPC
has the authority to go into the marketplace and buy shares for the
customers’ accounts, and to deliver those shares to the customers.
People who are already throwing in the towel on these claims,
those being advised that “there ain’t no trade” don’t understand
brokerage industry accounting. No brokerage firm has to have the
stock “in house” before it sells the stock to a customer.
A Madoff Securities
customer has every right to rely upon the statements and
confirmations they received. All customers of all firms
have the right to rely upon the confirmations and statements that
they receive. Think about how the markets would collapse if this
latter statement wasn’t true. The SIPC statute doesn’t give the
Trustee right to cry “mass do-over”.
The filing date of the SIPC action controls all valuations,
which in this case is December 11, 2008.
If you have a Bernard Madoff
Securities brokerage statement that shows you had securities in your
account on that date you should file a claim.
But, you should have us file
the claim and correspond with SIPC. If you do this on your own, it
could be a disaster.
SIPC, like any insurance
company, wants to pay out as little as possible. We will not give
them any reason to do that to you, and there is much more you need
to know, in order to protect your best interests.
Many of the people with whom we spoke are very worried about “clawbacks”,
having the Trustee ask them to return funds recently distributed to
them. It is probable that the Trustee will commence some “clawback”
actions, but just as probable that he will make his decisions of
whether or not to do soon a case by case basis. That is why you need
a seasoned, experienced advocate in your corner. We will prevent
a clawback from happening to you.
SIPC claims take
expertise. Don’t hire someone who has never handled one, and who
gets his “training” in this area on your claim. It could be the most
expensive mistake you ever make.
Call now for a free consultation or
fill out our information form below.
Numerous references furnished upon request.
Also, See our
We win the Tough Cases!
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Investors Recovery Service is not a law firm, we are securities
arbitration experts, and we only bring legal counsel as it is needed to
maximize the return to the damaged investors we represent.