Foy, age 57, a semi-retired software engineer, received statements from Madoff's firm saying that his investment had grown since 1993. In a letter to CNNMoney.com, he blames not only Madoff for stealing his money, but the SIPC for covering only the money he invested, not the larger amount that it was supposedly worth before the Ponzi scheme ended in December.
"My sense of betrayal by Bernard Madoff has been especially exaggerated by the fact that SIPC is currently violating its duties under [Securities Investor Protection Act] law by dismissing my last Madoff account statement (dated November 2008) and ignoring all the interest earned in my IRA account over the last 16 years.
"Madoff made promises and betrayed us by breaking the law. SIPC has made promises as well and is also betraying us by breaking the law. Now with the weakened economy, high unemployment and age discrimination, it is no easy task to try and recover the funds lost by my investments in Madoff."
SIPC Chief Executive Steve Harbeck told CNNMoney.com, in reference to all Madoff victims, "In any other Ponzi scheme, the rule is [that] cash in, minus the cash [that the investor took] out, is going to be the value of your claim."