House Eyes Tough Law Near Anniversary Of Madoff Bust

Law360, New York (December 9, 2009, 1:05 PM EST) -- The $65 billion Madoff swindle highlights the need to protect innocent investors, a key legislator said Wednesday in a U.S. House of Representatives hearing geared toward strengthening federal securities laws.

“One year ago this week, federal authorities arrested Mr. Bernard Madoff for participating in the largest Ponzi scheme in U.S. history,” Rep. Paul E. Kanjorski, D-Pa., said at the outset of the hearing before his subcommittee on capital markets, insurance and government sponsored enterprises.

The Investor Protection Act of 2009 is one of four bills sponsored...
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