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Madoff Scandal

Madoff Scandal

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Rell signed the bill at the offices of one of Madoff's secondary victims, the Center for Children's Advocacy, a Hartford-based nonprofit legal advocacy group for children.

The center had been anticipating an $85,000 grant from a New York-based foundation that was forced to close because of losses from Madoff.

The children's center, which has dealt with the added burden of receiving $150,000 less than expected from another grant, has been forced to lay off an attorney, impose furloughs and make cutbacks to health and pension benefits, said Brett Dignam, president of the center's board of directors.

"Last December, when all of us woke to the Madoff scandal, we were shocked and dismayed, but most of us did not think that it has affected us directly.

Unfortunately, that could not have been less true," she said.

Rell handed Dignam a signed copy of the new law, which takes effect on Oct.

1.

"It's of little consolation, but you know what? You know we care," Rell said.

The legislation also requires the state banking commissioner, attorney general and chief state's attorney to study the feasibility of establishing a restitution fund for victims.

Rep.

Patricia Dillon, D-New Haven, who helped to author the legislation, said Connecticut and other states need to pass such legislation because federal agencies have not done enough to protect investors.

The Securities and Exchange Commission has been vilified over its failure to detect Madoff's massive pyramid scheme despite red flags raised to its staff by outsiders over the course of decade.

"We need to have vigilance on the state level if only to protect our own people," Dillon said.

"We can't rely on the federal government if they're going to keep dropping the ball."

http://www.newsday.com/news/local/wire/connecticut/ny-bc-ct--madoffscandal-con0629jun29,0,5836243.story
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