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Bernie Madoff would have no problem evading fiduciary rules, Don Trone said. (Photo: AP)

Don Trone, often referred to as the “Father of Fiduciary,” testified at a Department of Labor hearing on Thursday that its proposed fiduciary rulemaking would have failed to stop famed Ponzi schemer Bernie Madoff, and that more fiduciaries than brokers have stolen money from investors.

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