Wexler: We Must Help Victims of the Madoff Fraud
Congressman Proposes Additional Assistance and Tax Relief for Individual Investors

(Washington, DC) Today, Congressman Robert Wexler (D-FL) released the following statement regarding Bernard Madoff’s fraudulent investment scheme:

“We must be vigilant in investigating how Bernard Madoff was able to operate undetected for as long as he did and look at changes in our regulatory structure to prevent similar fraud. As criminal and civil cases against Madoff and any others involved progress, it is essential that the government also assist the victims of his fraud to the maximum extent possible. Though it is still early in the investigation, we must consider all options to help these investors, including special IRS guidance for those who have lost money or a special office to assist victims of the Madoff fraud.

“Because the full scope of Madoff’s crimes is not yet known, it is unclear even how many people have been affected and what their final losses may be. Regardless, wherever possible we should simplify the process for these people in determining precisely what they have lost and what their rights are depending on the type of investment they had with Mr. Madoff. These are complicated issues with a patchwork of regulatory protections for individuals and firms. Helping victims know where they stand must be paramount moving forward.

“Additionally, I am talking to my colleagues in Congress about allowing defrauded investors to go back more than the three years currently permissible in tax law to deduct their losses. This allowance has been made in prior years for disaster victims and should be seriously considered for victims of this abhorrent theft as well.”

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Congressman Wexler is Chairman of the Europe Subcommittee and a senior member of the House Committee on Foreign Affairs and the House Judiciary Committee.

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