Cassidy Leads Effort to Send Letter to SIPC Chairman Regarding Stanford Ponzi Scheme

November 30, 2011
PRESS RELEASED By centralSpeaks

WASHINGTON, D.C. – Today, Congressman Bill Cassidy, M.D., along with 26 Members of Congress, signed a bi-partisan letter to Chairman Orlan M. Johnson of the Securities Investor Protection Corporation.

The letter urges Chairman Johnson to act more quickly to compensate the victims of the Stanford Ponzi scheme. It has been more than five months since the SEC determined that certain victims of the Stanford Ponzi scheme were entitled to SIPC protection for their losses, and the victims in the sixth Congressional District and around the country are still waiting for answers.

"SIPC has an obligation to live up to its responsibilities, and I am hopeful that they will provide the Stanford Victims with the news they have been waiting for since this tragedy began. This letter is just one part in a three year effort by the members of Congress who represent the victims to continue to push for a final resolution," said Congressman Cassidy.

The US Congress has written to the Securities Investor Protection Corporation (SIPC) demanding action in the payment of victims of the alleged R Allen Stanford Ponzi Scheme.

The letter was sent to Chairman Orlan Johnson on November 22th.

The Congress wants a "satisfactory update" or a decision on the matter by December 15. Failing this, it has threatened to recommend a formal inquiry by the House Financial Services Committee.


Read the complete Letter to SIPC Chairman.

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International Victim wrote on November 30, 2011 at 17:10
[ The lives and futures they had planned have been thrown into chaos ever since, first by MrStanford and his associates, then by an overzealous and careless court appointed Receiver, followed by a long and protracted deliberation process by the SEC, and now by the SIPC ]

Man! Man! Man! Are they talking about Janvey as an overzealous and careless court appointed Receiver? Is he the same receiver that Judge Godbey said was doing a good job? Wake up Judge Godbey! I think you are not doing a good job neither!

devastated wrote on November 30, 2011 at 19:22
I am an international victim and I do not see in that letter any concerns about the international victims but only about the american victims. What is wrong with all you? Can you see that we are devastated because the negligence of the SEC and corruption of many other US institutions?

Venezuela investor wrote on December 2, 2011 at 09:43
All you should be shamed! USA is responsible of this fraud and they must grant SIPC to ALL victims!