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Professor J. Scott Colesanti's paper, "Another Madoff Masquerade?: Questioning 'Securities Fraud' in the Crime and Its Cleanup" made the SSRN Top Ten download list for the week ending September 23, 2012. The paper examines both the application of the SEC's famed Rule 10b-5 to the world's largest Ponzi scheme and the ensuing use of Securities Investor Protection Corporation funds to reimburse its victims. The paper concludes that use of Rule 10b-5 was at least a stretch of the last Supreme Court ruling on frauds centering on non-purchases of securities. The paper also posits that use of SIPC funds to pay Madoff victims is questionable in light of at least one contemporaneous Ponzi scheme for which the agency has denied claims for reimbursement.
The paper is available here.