Comments on: Is Your Money Safe? FDIC and SIPC Coverage Basics http://www.businesspundit.com/is-your-money-safe-fdic-and-sipc-coverage-basics-2/ Entrepreneurship, Startup Companies and Business Philosophy Fri, 03 Feb 2012 07:09:48 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: J&D Ranzer http://www.businesspundit.com/is-your-money-safe-fdic-and-sipc-coverage-basics-2/comment-page-1/#comment-31798 J&D Ranzer Thu, 03 Mar 2011 16:57:45 +0000 http://www.businesspundit.com/is-your-money-safe-fdic-and-sipc-coverage-basics-2/#comment-31798 Ironically, I just saw this after all this time! We were able to recover about 45% of our Madoff losses; The largest amount came from SIPC for $305000 and the balance of $110000 came from amending prior tax returns where we paid cap. gains on phantom profits, so we were entitled to get that back. We were denied almost $500000 left to us in a Madoff account by my father when he died, because he had taken out more than he put in over the years. The IRS would not let us claim more than 75% of the total amount of cap gains paid by us, so I am wondering if there is any way to use than going forward for 2010 and beyond? Also, do you know the status of tghe law suits seeking to change Picard's definition of net deficit equity; the last would hold SIPC responsible for the last statement's value up to $50000. Thanks for your input. I am at HUBIE316@aol.com or would be happy to talk with you at 561 265 0773. Thanks again in advance; Joanne and David Ranzer Ironically, I just saw this after all this time! We were able to recover about 45% of our Madoff losses; The largest amount came from SIPC for $305000 and the balance of $110000 came from amending prior tax returns where we paid cap. gains on phantom profits, so we were entitled to get that back. We were denied almost $500000 left to us in a Madoff account by my father when he died, because he had taken out more than he put in over the years. The IRS would not let us claim more than 75% of the total amount of cap gains paid by us, so I am wondering if there is any way to use than going forward for 2010 and beyond? Also, do you know the status of tghe law suits seeking to change Picard’s definition of net deficit equity; the last would hold SIPC responsible for the last statement’s value up to $50000. Thanks for your input. I am at HUBIE316@aol.com or would be happy to talk with you at 561 265 0773. Thanks again in advance; Joanne and David Ranzer

]]> By: Lela Davidson http://www.businesspundit.com/is-your-money-safe-fdic-and-sipc-coverage-basics-2/comment-page-1/#comment-11407 Lela Davidson Wed, 17 Dec 2008 15:44:57 +0000 http://www.businesspundit.com/is-your-money-safe-fdic-and-sipc-coverage-basics-2/#comment-11407 Mr. Ranzer, It's my understanding that in a case of fraud you are protected (up to $500,000) by SIPC (so long as the firm was a member) but that in general it takes longer to recover assets. See this press release from SIPC on the Madoff case: http://www.sipc.org/media/release15Dec08.cfm I hope this helps. Mr. Ranzer,
It’s my understanding that in a case of fraud you are protected (up to $500,000) by SIPC (so long as the firm was a member) but that in general it takes longer to recover assets.

See this press release from SIPC on the Madoff case:
http://www.sipc.org/media/release15Dec08.cfm

I hope this helps.

]]> By: RANZER, JOANNE AND DAVID http://www.businesspundit.com/is-your-money-safe-fdic-and-sipc-coverage-basics-2/comment-page-1/#comment-11342 RANZER, JOANNE AND DAVID Mon, 15 Dec 2008 13:54:05 +0000 http://www.businesspundit.com/is-your-money-safe-fdic-and-sipc-coverage-basics-2/#comment-11342 What happens when fraud is involved, as in the Maddoff case unfolding? If I've rec'd monthly statements for years, actual transaction slips for all trades, withdrawn monies intermittently without delay for years, deposited monies receipted in a timely fashion, is there any protection for the $850,000 my last statement reflects? How do I know if there is any cash balance really there? How do I know if there were ever real transactions executed? How would I get a snapshot of what securities and cash were long in the account when the SEC froze the assets in the account? Pls advise. Thanks. David Ranzer, 561-265-0773; hubie316@aol.com What happens when fraud is involved, as in the Maddoff case unfolding? If I’ve rec’d monthly statements for years, actual transaction slips for all trades, withdrawn monies intermittently without delay for years, deposited monies receipted in a timely fashion, is there any protection for the $850,000 my last statement reflects? How do I know if there is any cash balance really there? How do I know if there were ever real transactions executed? How would I get a snapshot of what securities and cash were long in the account when the SEC froze the assets in the account? Pls advise. Thanks. David Ranzer, 561-265-0773; hubie316@aol.com

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