The Bankruptcy Court has now provided its long-awaited answer as to the scope of the Securities Investors Protection Corporation (“SIPC”) liability for investor accounts with Bernard L. Madoff Investment Securities LLC (“Madoff”). The ruling in favor of Irving Picard, the trustee responsible for the Securities Investor Protection Act (“SIPA”) liquidation of Madoff, precludes recovery for many of the victims of Bernard Madoff’s infamous ponzi scheme and leaves the scope of the SIPC protection uncertain in future cases.