On April 13th, a three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan upheld a similar decision made by decision by a San Francisco-based appeals court in January to reject lawsuits by investors seeking to make the SEC pay for its failure to discover Bernard Madoff’s Ponzi scheme. The New York Court wrote that the SEC is shielded by rules protecting employees from lawsuits stemming from action or inaction based on judgment calls as opposed to ignoring statute or regulation.
The dismissed lawsuits allege that despite receiving complaints from investors in Florida and throughout the country detailing Madoff’s fraud for over 16 years, the SEC failed to alert branch offices of ongoing investigations. In addition, the SEC did not properly review complaints or follow up on disputed facts obtained during interviews.
Securities fraud is becoming more common and victims are all too often cheated out of a fair settlement, even as prosecutors obtain guilty verdicts. The only way to protect your rights and your assets is with an experienced Florida stock market attorney on your side.
With a combined 80 years of experience, the Florida securities fraud lawyers at Colling Gilbert Wright & Carter know how to help victims of stock market fraud and Ponzi schemes get justice. We are prepared to get to work on your case right away to help protect your financial safety and see that you are awarded every penny you are due.
If you have been the victim of stock market fraud, please contact Colling Gilbert Wright & Carter today to schedule a free consultation with an experienced Florida securities fraud attorney.