The Blog Of The Securities Industry Professional Association


Market cap losses now exceed over 50 billion  A little less then two months ago we wrote a story known as “ FACEBOOK FOLLIES” and openly criticized the impending public offering and wondered why this huge scam was being allowed to be perpetuated on the American public.  Here we are two months later and the […]


Bernie Madoff is in jail for taking money from investors and then using that money to pay off early investors yet our leaders are saying unless we can write 2 trillion dollars worth of bonds we will default. Maybe they should have done this with Madoff and asked for permission to sell 50 billion in bonds to pay off all the victims?
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The decision by the Trustee is puzzling on so many levels I almost do not know where to begin so In keeping with my theme from my speech last week to Broker Dealers at the Financial Services Exchange meeting in Atlanta: Follow the money!
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Madoff Trustee Pockets 230 Million in Legal Fees!

While investors are left twisting in the wind and worrying about their financial futures, the trustee appointed to the Madoff mess has been billing to the tune of over 2 million per week for over two years. Ronnie Sue Ambrosino of the Madoff Victims Coalition joins SIPA radio for a one hour interview linked here
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Madoff Mayhem

Mark Madoff, the troubled son of Ponzi master Bernie Madoff was found dead over the weekend from an apparent suicide. In other news, Frank Pantangeli slit his wrists while in prison just hours before he was scheduled to testify against Michael Corleone, apparently he was distressed that his brother was flying back to Sicily. In Brooklyn, Frankie Carbone accidentally locked himself in a frozen compartment of a meat truck and froze to death and Jimmy “Two Times” was the victim of a robbery on a deserted street.
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One would think that in light of the financial meltdown as well as the Financial Reform being proposed by Congress that FINRA would seek to reform or maybe even change its current Board and get new blood in the system…But no, not FINRA. FINRA re nominated the existing Head Governor as well as numerous other existing board members to new terms. This makes sense only if there is a bigger picture which fools like me often overlook.
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Gunn Allen And Investor Protections

This is either the biggest farce or the most ingenious way to bilk and abuse investors and then obtain help from FINRA in making it impossible to get redemption. It is our humble opinion that investors who were out 50 million would give anything to get a $25 million settlement right now, yet that chance has come and gone.
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When Merrill Lynch Speaks. The D.A. Listens

mediocre stockbroker duped Wall Street titan Merrill Lynch into believing he was a portfolio powerhouse -- deserving of a $780,000 loan his first day on the job -- then used the dough to buy a Ferrari and split, prosecutors said yesterday.
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The Truth Is In The Pudding

Now that the figures are finally released I would like to take a moment and remind everyone that members of the original dissident group known as the Financial Industry Association (FIA) were called liars because they claimed that the merger could pay to members much more then the mere $35,000 that the NASD was offering in exchange for giving up their voting rights. In fact, the former head of NASD even said in a podcast to all members that “It just isn’t true what members of the FIA are saying”.
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“Nothing To See Here, Folks”

Sweeping The Scene Clean of Madoff’s Victim’s Blood Bernie Madoff plead guilty to 11 counts of fraud yesterday in Manhattan. While acknowledging that we are not Crime Scene investigators in New York, Vegas or Miami, the SIPA is shocked at the apparent cover up in the whole Madoff mess.  Although I’m no genius, I do consider myself […]
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“Failed” Regulation??

How To Insult The American Public With A Smile On Your Face Today the SEC Chairman Christopher proclaimed that “ The SEC Failed to Investigate and Probe Madoff”.  (Click here to read story). While this might sound to some of you as a small act of contrition and public acknowledgement of his agency’s failings, this […]

Hedge Fund Mess Just Beginning To Come Home To Roost

Why Madoff will not be an isolated case Over a year ago we questioned whether there was sufficient regulation of the Hedge Fund industry (click here to read).  In light of the Madoff Meltdown the important question brokers must be asking themselves now is not IF more regulation is necessary, but should one remove one’s clients’ […]
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