Perlmutter Fights for Relief for Madoff Victims

December 9, 2009

Today, U.S. Rep. Ed Perlmutter (CO-07), introduced 7th Congressional District constituent, and Madoff victim, Pete Leveton, to the Financial Services Capital Markets Subcommittee.

Leveton, a Lakewood, CO. resident, is the Co-Chairman of the Agile Group, LLC. The Agile Group was an investment group that took private investments from individuals and bought shares in hedge funds operated by Bernie Madoff. Leveton testified on behalf of indirect investors who lost much of their life savings because of Agile’s investments in the Madoff Ponzi scheme. Currently under the law, direct investors in the Madoff funds are eligible to recoup up to $500,000 on each of their accounts through the Securities Investor Protection Company insurance fund. However, indirect investors, like Leveton and other Agile investors, are ineligible because of the way the law defines a customer of these funds.

“These are ordinary folks who invested their life savings in what they believed to be safe pension plans and trust funds,” said Perlmutter. “They did their own research to determine the best investment group for their personal situations and they trusted groups like Agile to in turn invest in legal, safe funds. These investors deserve the same protection as the direct investors, and we have the opportunity to help restore not just equity, but dignity to these individuals. I want to thank Mr. Leveton, and all of the Agile investors for their persistence in working for a fair outcome to this issue.”

The Capital Markets Subcommittee will consider potential changes to the Securities Investor Protection Act in the coming months that may impact these indirect investors.

If you are interested in photos from the hearing, please contact Leslie Oliver.