For the next several years, we can anticipate many law suits springing up from the Bernie Madoff ponzi scheme. In this article, we see how two victims have taken it upon themselves to sue the Securities and Exchange Commission for not catching Madoff's scam even after several complaints were made to them.
Madoff victims sue the SEC for 'negligence'
There are also suits that involve Madoff's wife since it appears she holds most of the profits hidden in her assets. In my opinion, we will see more of this in the years to come as people victimized by this scheme try desperately to recover some of their losses.
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I am not surprised they are going the route of suing the SEC and frankly can't blame them. Although I am sure the SEC receives many complaints, if they are receiving several complaints about the same issue it is their responsibility to look into it as this is the livelihood of many people and as in this case the consequences can be disastrous.
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