The SEC is warning investors about a website that falsely claims that $1.3 billion in Madoff money has been found in Malaysia and encourages individuals to submit information to verify that they are on a refund list. The website was created as a fake mirror image of the Securities Investor Protection Corporation’s (SIPC) website.
To prevent Madoff victims from disclosing confidential financial information because they hope to recover some of their losses, SIPC issued a press release warning them about a fictitious entity known as the International Security Investor Protection Corporation (ISIPC). The ISIPC website mimics almost exactly the look, feel, and content of SIPC’s website – with one notable exception. The ISPIC website claims to partner with several legitimate governments, including the United States – linking to web pages maintained by these governments. ISIPC also falsely claims to be sponsored by the United Nations, the International Monetary Fund, the World Bank and the IBA. The IBA was the subject of an earlier investor alert.
Con artists worldwide often target investors who already have lost money in a financial fraud. These con artists rely on the victim’s desire to recoup their losses as quickly and as fully as possible, encouraging individuals to submit information to verify that they are on a refund list.
It’s not hard to figure out who the real regulators and legitimate entities are and how you can contact them. But make sure the URL matches the ones listed below:
The Office of Investor Education and Advocacy has provided this information as a service to investors. It is neither a legal interpretation nor a statement of SEC policy. If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.