Madoff was sentenced but the justice is still not there

After hailing Bernard Madoff's 150-year prison sentence, some of his former investment clients intensified criticism of what they termed an equally tough adversary — the government systems charged with stopping financial scam artists and reimbursing its victims.

About 20 ex-clients who together lost millions to Madoff said they have been victimized by inadequate oversight before the fraud collapsed in December and questionable decisions and slowness in the ensuing repayment process.

Some victims vented their fury on the Securities and Exchange Commission, the agency that failed to discover Madoff's scheme; the Securities Investor Protection Corp., the government-created insurance system that pays up to $500,000 to each client of failed brokerages; and Irving Picard, the court-appointed trustee seeking Madoff's assets on behalf of ex-investors.

Several victims who gathered at the rally said that the pace of an asset-seizure effort that has so far recovered just over $1 billion of the $13 billion to $65 billion fraud has unfairly forced them to rely on relatives and friends to survive.

In addition, Stephen Harbeck, the SIPC president and CEO, said the reimbursement system was proper and had been used to repay victims of other frauds, as the primary people, who are objecting, have taken out more money than they put into the scheme. And to allow them to share on an equal basis with those who have not gotten their principal back is neither equitable nor in compliance with the statute we administer.