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    ALERT:

    H.R.3482 New Co-sponsors– Congressman Michael Burgess [R-TX26] and Congresswoman Carol Shea-Porter [D-NH1} have signed onto support H.R. 3482 – Restoring Main Street Investor Protection and Confidence Act.

    If your congressional representative has not yet signed on to H.R.3482 (click here for list of current co-sponsors), please call and write your representative urging they take action and sign on. Visit www.fixsipcnow.org to submit your letter on-line and for your representative’s contact information.

    S.1725 New Co-sponsors – Senator Mark Pryor [D-AR] and Senator Bill Nelson [D-FL] have signed onto support S.1725 – Restoring Main Street Investor Protection and Confidence Act.

    If your Senator have not yet signed on to S.1725 (click here for the list of current co-sponsors), please call and write your Senators urging they take action and sign on.

    Click here to submit your letter on-line and for your Senator’s contact information.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Alert

    H.R.3482 – New Cosponsor – Representative Steve Scalise [R-LA1] has signed on to co-sponsor H.R.3482 – Restoring Main Street Investor Protection and Confidence Act

    S.1725 – New Cosponsor – Senator Robert “Bob” Casey [D-PA] has signed on to co-sponsor the sister Senate bill S. 1725

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Alert:

    Congressman Leonard Lance [R-NJ7] signs on to support H.R. 3482 – Restoring Main Street Investor Protection and Confidence Act.

    If your representative is currently not co-sponsoring H.R.3482 (click here for a list of current co-sponsors), please take a moment now to write to your congressman at www.fixsipcnow.org

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Taking a Broker to Arbitration

    If you have a problem with your investment broker and you cannot resolve the dispute on your own, you probably won’t get your day in court. But you will be heard, most likely in a conference room somewhere, before a panel of arbitrators. The moment people open a brokerage or investment account, they most likely — and perhaps inadvertently — waive their right to sue. The fine print of most customer agreements almost always contains a clause that says the customer agree to resolve any future disputes through arbitration, largely through the forum operated by the Financial Industry Regulatory Authority, Wall Street’s self-regulatory organization, known as Finra. The mandatory nature of these agreements — which are increasingly appearing in other consumer financial products as well and have been repeatedly blessed by the Supreme Court — is a frequent complaint of consumer advocates. And if you try to avoid brokers’ so-called predispute arbitration clause, you may have little choice but to stow your savings in a mattress. More in the New York Times here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Stanford Losses Not Covered by SIPC, Appeals Court Rules

    The U.S. Securities and Exchange Commission can’t force a brokerage account insurer to pay victims of R. Allen Stanford’s $7 billion fraud because their purchases weren’t covered, an appeals court ruled. The U.S. Court of Appeals in Washington said the 7,000 investors in certificates of deposit sold by Stanford didn’t qualify as customers of a brokerage who would be insured by the Securities Investor Protection Corp., as the SEC argued. The CDs were bought at Antigua-based Stanford International Bank LLC, which wasn’t a SIPC member, the court said. The Stanford case is the first in which the SEC has gone to court to force SIPC to extend coverage. SIPC, a nonprofit corporation funded by the brokerage industry, has come under criticism from U.S. senators for allegedly favoring its Wall Street members over fraud victims in recent years. More on Bloomberg here.

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    Court Rules Against Victims of Ponzi Scheme

    An appeals court on Friday dealt a blow to the victims of the financier Allen Stanford’s Ponzi scheme, ruling that they were not eligible to file claims seeking compensation for their losses. The decision, by the United States Court of Appeals for the District of Columbia Circuit, was a setback for the Securities and Exchange Commission. The S.E.C. had sought to overturn a 2012 Federal District Court decision that rejected the agency’s request to force the Securities Investor Protection Corporation to start proceedings to aid the fraud victims. “In declining to grant the S.E.C.’s requested relief, the district court expressed that it was ‘truly sympathetic to the plight’ of the victims,” Judge Sri Srinivasan wrote in a unanimous opinion. “We fully agree. But we also agree with the district court’s conclusion.” Allen Stanford was convicted of fraud and sentenced in June 2012 to 110 years in prison. Over the years, the Securities Investor Protection Corporation has handled prominent liquidations, including Bernard L. Madoff’s Ponzi scheme. But the corporation has said the Stanford victims did not qualify as “customers” under its charter because Mr. Stanford’s offshore bank was not a member of the corporation. More in the New York Times here.

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    Madoff associates should get ’significant’ time: prosecutors

    Five former employees of disgraced investment manager Bernard Madoff should be sentenced to “significant” prison sentences of up to 20 years or more, prosecutors said in a court filing on Friday. “The five defendants here, along with others, were the people who allowed Madoff’s fraud to succeed as wildly as it did,” prosecutors with U.S. Attorney Preet Bharara’s office in Manhattan said in the filing. “Justice requires that each receive a significant prison sentence, commensurate with their active and long-standing role in the fraud.” A jury in March convicted Madoff’s former office director Daniel Bonventre, portfolio managers Annette Bongiorno and Joann Crupi, and computer programmers Jerome O’Hara and George Perez for helping their former boss conceal his multibillion-dollar Ponzi scheme for decades. More on Reuters here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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