WASHINGTON, DC – January 7, 2014 – The Securities Investor Protection Corporation (SIPC) issued a statement today in connection with the announcement of the forfeiture of $1.7 billion by JPMorgan Chase Bank, N.A., for distribution to victims of the Bernard L. Madoff Investment Securities LLC fraud.
SIPC President Stephen Harbeck said: �We commend Trustee Irving Picard and his team for their tireless efforts in uncovering the facts that led to the U. S. Attorney/JPMorgan Chase forfeiture as it relates to Bernard L. Madoff Investment Securities LLC. SIPC financed the Trustee�s investigation that developed those facts, which was done at no cost to either former BLMIS customers or taxpayers. The Trustee�s cooperation and sharing of information with the U. S. Attorney�s office shows how the work under the Securities Investor Protection Act to return funds to investors when a brokerage firm fails may have a broader impact for the benefit of customers.�