House panel plans 3rd Madoff hearing

AP News
Posted: Dec 03, 2009 6:35 PM

A House panel is planning to hold its third hearing on Bernard Madoff's massive fraud scheme.

Rep. Paul Kanjorski, D-Pa., who heads the House Financial Services subcommittee on capital markets, said Wednesday that the Dec. 9 hearing will focus on the industry-funded Securities Investor Protection Corp., or SIPC _ which has the mission of protecting investors when a brokerage firm fails.

Madoff pleaded guilty in March to charges that his secretive investment operation was a multibillion-dollar Ponzi scheme. He is serving a 150-year sentence in federal prison in North Carolina.

The subcommittee's previous hearings on the Madoff scandal were held in January and February. Witnesses for next Wednesday's session have not yet been announced.