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    LEGISLATIVE ALERT – SIPC LEGISLATION REINTRODUCED TO HELP MADOFF, STANFORD, AND MCGINN SMITH INVESTORS

    HR 1982 – RESTORING INVESTOR PROTECTION & CONFIDENCE ACT OF 2015
    INTRODUCED BY CONG GARRETT & MALONEY WITH OVER 40 ORIGINAL CO-SPONSORS

    After months of anticipation, Capital Markets Subcommittee Chairman Garrett and Congresswoman Maloney announced the reintroduction of the long-awaited SIPC legislation that promises SIPC protection for all investor customers of broker-dealers, and relief for thousands of innocent Madoff and Stanford victims. The legislation is precisely the same as what was introduced in the 113th Congress, and retains the original name: The Restoring Main Street Investor Protection and Confidence Act

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    The Agency That Barely Mov

    As the Justice Department, Federal Reserve, and other regulators across the globe prepared the final details of a multibillion-dollar criminal settlement with five Wall Street banks over currency rate rigging, all eyes were on one agency that had the power to throw a wrench into the entire deal. Though a bit player in the negotiations, the politically divided Securities and Exchange Commission had to approve waivers each bank needed to continue to do normal business. The pressure on SEC Chair Mary Jo White was almost palpable, two people involved in the negotiations say, as defense lawyers and prosecutors barraged her staff with inquiries and fellow commissioners weighed in with threats to vote against some of the waivers. Determined not to let the squabbling scuttle the broad settlement, White called a private commission meeting on May 19, when all the waivers were approved. The settlements were announced the next day. More on Bloomberg here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    ALERT:

    H.R. 1982 New CoSponsor
    Congressman Christopher “Chris” Smith [R-NJ4] has signed on to support H.R. 1982!
    If you reside in Congressman Smith’s district, please take a moment and send a Thank You letter by clicking here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    ALERT

    H.R. 1982 New CoSponsor
    Congressman Cedric Richmond [D-LA2] has signed on to support H.R. 1982!
    If you reside in Congressman Richmond’s district, please take a moment and send a Thank You letter by clicking here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    FINRA to Toughen Sanctions on Fraud, Unsuitability

    The Financial Industry Regulatory Authority said Tuesday that it will call for tougher sanctions for those who commit fraud or make unsuitable recommendations to clients. Plus, it will increase suspensions under the self-regulator’s suitability rules from one year to two years. FINRA said that its National Adjudicatory Council is amending its “overarching principles” that apply to sanctions determinations and is revising its Sanction Guidelines to advise FINRA adjudicators to “strongly consider” barring an individual respondent or expelling a firm for cases involving fraud. More on ThinkAdvisor here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    SEC reveals factors behind how it picks courts it uses

    The U.S. Securities and Exchange Commission released guidance on Friday about how it decides whether to pursue a case in federal court or before an in-house judge, amid complaints by some defendants that the agency’s administrative court violates their rights. The SEC said that while no strict formula exists, it considers factors including what claims it is pursuing, whether a defendant is associated with a registered entity, and the costs and time involved in litigating in a particular forum. The SEC said it also considers bringing a matter before an administrative law judge if a case raised “unsettled and complex” issues under federal securities laws, given the commission’s “expertise concerning those matters.” More on Reuters here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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