Cassidy, Deutch Introduce Improving SIPC Act of 2013
February 28, 2013
By Dr. Bill Cassidy
WASHINGTON, D.C. - This week, Congressman Bill Cassidy, M.D. (R-LA) and Congressman Ted Deutch (D-FL)
re-introduced the Improving Security for Investors and Providing Closure Act, or Improving SIPC Act
of 2013. The legislation would provide victims of Ponzi schemes a quicker path to financial restitution,
including those harmed by R. Allen Stanford and the Stanford Financial Group.
"It has been four years since the Stanford Financial Group was placed in receivership and its victims learned their savings were gone," said Congressman Bill Cassidy. "Yet there are still victims who have not been given financial restitution. These are working men and women who cannot wait for the conclusion of a long, drawn-out legal process. This bill allows them to quickly recoup some of their losses. This is a common-sense plan which should be enacted."
"Every victim of the despicable Ponzi scheme orchestrated by the Stanford Financial Group of course has the right to pursue any and all litigation in this case," said Congressman Ted Deutch. "Yet those who cannot afford to continue this lengthy legal battle or simply want to move on with their lives deserve the opportunity to recoup some of their losses. This is a commonsense, bipartisan bill and I look forward to working with Congressman Cassidy to advance it in the 113th Congress."
This legislation creates an avenue for SIPC to offer individual Stanford victims a one-time payment of up to $500,000.00, to at least partially recoup them of their losses. Stanford victims who accept the offer would consequently exclude themselves from any further claims against the SIPC fund. Stanford victims who wish to continue their lawsuits against SIPC can bypass this option and continue those suits. In summary, this legislation allows both parties to settle on existing claims for a negotiated amount, as both SIPC and countless victims reportedly hoped to do as early as 2011.
Additionally, since all settlements for Stanford victims would come from the SIPC fund, no taxpayer money will be required to fund this legislation and no increase to the national debt will occur if enacted.
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