New SIPC CEO Discussing Recovery Efforts in Madoff Case - Ep. 228
ABI Editor-at-Large Bill Rochelle talks with Josephine Wang, who was named president and CEO of the Securities Investor Protection Corp. (SIPC) on April 1. Wang joined the legal staff of SIPC in 1983 and was promoted to General Counsel in 2004. She supervised the appeal by SIPC in the Second Circuit on the question of whether a trustee can recover fraudulent transfers from subsequent recipients abroad. Ruling that fraudulent transfer claims can reach recipients abroad, the appeals court reversed the district court. The reversal revived 88 lawsuits brought by the trustee in the Madoff case aiming to recover more than $3 billion. Listen to Wang discuss the Second Circuit’s “extraterritoriality” opinion, other key developments in the Madoff liquidation and SIPC's ongoing work to recover funds for victims of the Ponzi scheme.