Foundation Sues SEC Over Madoff Losses
Litwin Foundation Sues SEC for `Negligence’ Over Madoff Investment Losses
The Litwin Foundation, a victim of convicted con man Bernard Madoff, sued the U.S. Securities Exchange Commission for “negligence” in failing to uncover the $65 billion Ponzi scheme.
The New Hyde Park, New York-based foundation seeks to recover at least $19 million and other unspecified damages against the agency for failing to prevent losses at Madoff’s investment firm.
… The SEC “had countless opportunities to stop the Ponzi scheme Madoff operated over 16 years and botched all of them,” the foundation said in the complaint.