WEST PALM BEACH, Fla., Feb. 5, 2009 (GLOBE NEWSWIRE) -- The bankruptcy trustee for Bernard L. Madoff Investment Securities ("BLM") recently released a list of registered broker-dealers to whom the trustee mailed a notice of liquidation proceedings and a SIPC rules brochure. Following the release of this list, the law firm of McCabe Rabin, P.A. (www.MadoffLosses.com) is investigating losses suffered by investors who might have been referred to or invested in BLM through broker-dealers or investment advisors without adequate disclosures or proper due diligence. The list may be found at the following link:
Even when a broker-dealer is unaware that its brokers or advisors have referred clients to Madoff, the firm can still be found liable for what is called "selling away." "Certainly, most of the broker- dealers on the list did not refer their clients to Madoff," said Ryon McCabe. "But clients who were referred to Madoff by their brokers or investment advisors might have claims against their employing or supervising brokerage firms," he continued.
According to attorney Adam Rabin, "Most brokerage firms have rules to prevent their brokers from selling away or making recommendations that are not approved by the firm. In fact, brokerage firms have a duty to protect their clients and supervise their employees to avoid unauthorized sales and referrals."
McCabe Rabin is an AV-Rated firm that handles securities and other complex litigation matters. Ryon McCabe is a former federal prosecutor with extensive experience in the state and federal court system and the FINRA arbitration forum. Adam Rabin is a seasoned business and securities litigator who began his law career working on the then-largest Ponzi Scheme fraud case in Florida history.
If you were referred to Bernard L. Madoff Securities through a brokerage firm or financial advisor and would like to speak to an attorney for a free consultation regarding your losses, please call 561-659-7878 or e-mail arabin@mccaberabin.com.