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Madoff victims ask Congress to recover their funds

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A LITTLE HELP FROM OUR FRIENDS?
Victims of Bernard Madoff's epic scam urged Congress on Wednesday to change laws so that victims of investment fraud would never again lose all their money, Reuters reports. At a U.S. House of Representatives hearing, Madoff victims described how the imprisoned swindler destroyed their lives and demanded that Congress take action. Madoff victims are frustrated with the slow pace of payouts and the laws that dictate who is paid first when a brokerage firm is liquidated. Congress created the Securities Investor Protection Corp, a nonprofit agency, to maintain a fund to help investors who had accounts at failed brokerage firms. The agency can pay a single investor a maximum of $500,000.
SOURCE:   Reuters

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