FT. LAUDERDALE, FL--(Marketwire - March 15, 2011) - Becker & Poliakoff, P.A. today announced that attorney Helen Davis Chaitman testified before a Joint Hearing of the House Committee on Oversight and Government Reform concerning "Financial Management, Work Force, and Operations at the SEC: Who's Watching Wall Street's Watchdog?" on March 10.
SEC commissioner Mary Schapiro also testified at the hearing, conducted by the TARP, Financial Services and Bailouts of Public and Private Programs Subcommittee and Government Organization, Efficiency and Financial Management Subcommittee.
The testimony of Ms. Chaitman, who represents approximately 500 Bernard Madoff investors, can be viewed at: http://www.becker-poliakoff.com/news/20110310_chaitman_testifies.html
Ms. Chaitman's testimony concerned:
The conflict of interest of former SEC General Counsel David I. Becker, who played a key role in formulating the SEC's strategy in the Madoff liquidation. Becker personally has been sued by Madoff Trustee, Irving H. Picard, on a "clawback" theory because Becker's mother had withdrawn more from her Madoff account than she had invested and Becker inherited
alleged "fictitious profits" that Picard is demanding be repaid.
Becker dealt with attorneys for Madoff investors and never disclosed his personal interest or personal clawback exposure.
Under David I. Becker's leadership, the SEC proposed a "constant dollar" adjustment in calculating the claims of Madoff victims which would have reduced Becker's clawback exposure by applying a cost-of-living adjustment to dollars invested and dollars withdrawn over the life of an account.
Under Becker's leadership, the SEC adopted a policy in the Madoff case which is a violation of the Securities Investor Protection Act, according to Congressman Scott Garrett, Chair of the Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises.
About Helen Davis Chaitman
Helen Davis Chaitman is a partner in Becker & Poliakoff's Commercial Litigation Practice Group in New York City. A nationally recognized litigator with a diverse trial practice in the areas of lender liability, bankruptcy, bank fraud, RICO, professional malpractice, trusts & estates and white collar defense, Ms. Chaitman is the author of The Law of Lender Liability, (Warren, Gorham & Lamont 1990) which is periodically updated and, since 1987, has authored the monthly newsletter, The Lender Liability Law Report, published by A. S. Pratt. In 1995, she was named one of the nation's top ten litigators by the National Law Journal for a jury verdict she obtained in an accountant's malpractice case.
Since 2009, Ms. Chaitman has been an outspoken advocate for investors in Bernard L. Madoff Investment Securities LLC and has led a lobbying effort in Congress advocating protections for Madoff investors. Her blog, chaitmanonmadoff.com, includes her congressional testimony, related court decisions and other key documents.
About Becker & Poliakoff
Becker & Poliakoff is a diverse commercial law firm with more than 125 attorneys in 13 Florida offices, New York City, New Jersey, Nassau (Bahamas), Prague and affiliated international offices. Celebrating its thirty-seventh (37th) year of serving clients, the firm has seven primary areas of practice: Real Estate, Construction, Community Association, Customs & International Trade, Business Litigation, Corporate & Securities, and Government Law & Lobbying. For more information, visit: www.becker-poliakoff.com.
Contact Information:
Media Contact:
Alan Penchansky
The Pen Group Communications
Tel: (305) 529-1944
email: alan@thepengroup.com