On June 28th, the Bankruptcy Court overseeing the liquidation of Bernard Madoff's broker-dealer ruled that investors in funds that in turn invested with Madoff are not claimants within the meaning of the Securities Investor Protection Act. SIPC v. Bernard L. Madoff Investment Securities LLC. See also Reuters. On June 28th, the New York Times published an article on Judge Denny Chin, who sentenced Madoff to 150 years in prison. Sentence.