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Hope Brightens, Dims For Made-off Victims

On the bright side: Even if Bernie pissed all your money away and there aren't any assets left to cover you, you can still sue any third party providers that didn't bother to do due diligence of any sort before dumping 50% of their assets with the guy. They still have the other 50% for you to raid, don't forget.
On the not-so-bright side: You had to invest through one of these third parties to get at that cash, probably.
On the bright side: The SIPC protects investors up to $500,000 per account.
On the not-so-bright side: Coverage is "murky" when the securities you were supposed to have in our account never existed.
On the not-so-bright side: Bernie's investment advisory business wasn't covered, only the broker-dealer.
On the not-so-bright side: The SIPC reserve is "only" about $1 billion.
On the not-so-bright side: It will take about two years to get money out of the SIPC.
Feeling better yet?
Madoff's Indirect Investors May Recover Some Money, Lawyer Says [Bloomberg]