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    ALERT:

    H.R.3482 – Two New Co-sponsors
    Congresswoman Kay Granger [R-TX12] and Congressman Tom Marino [R-PA10] have signed on to Co-sponsor H.R.3482 – Restoring Main Street Investor Protection and Confidence Act.

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    Will SIPC’s Brokerage Insurance Scam Help Allen Stanford Walk?

    If you experience an insured loss and the insurance company doesn’t pay, you know you’ve been scammed. As I’ve discussed in a series of columns posted at www.kotlikoff.net, SIPC (the Securities Investor Protection Corporation) is running an enormous scam in claiming to insure our brokerage accounts against fraud. SIPC’s refusal to pay the legitimate claims of most Madoff victims and all Stanford victims makes this abundantly clear. Even worse, SIPC is placing all brokerage account holders at enormous additional risk by standing ready to sue them if they earn a return on their investments and spend the proceeds. In fact, thanks to precedents SIPC established in the Madoff case, SIPC can declare the loss of your securities to be the result of a Ponzi scheme and sue you for up to every dollar you withdrew in the up to six years prior to the fraud’s discovery! More on Forbes here.

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    SEC Drops Stanford Suit Against Brokerage Insurance Fund

    WASHINGTON—The Securities and Exchange Commission plans to abandon its legal battle to require a brokerage industry insurance fund to pay investors in R. Allen Stanford’s $7 billion Ponzi scheme, two months after an appellate court rejected the SEC’s arguments in the case. The U.S. Court of Appeals for the District of Columbia Circuit in July ruled the SEC failed to prove victims of the Ponzi scheme were “customers” eligible for compensation by the Securities Investor Protection Corp. under the narrow definition of the law. The ruling upheld a district-court decision from 2012. “After very careful deliberation, the commission determined not to seek further review” of the decision, said SEC spokesman John Nester, in a brief statement Friday. “We remain committed to the victims of the Stanford fraud and will continue to work with the Stanford Receiver, Justice Department, and other interested parties to maximize recovery to harmed investors.” More in the Wall Street Journal here.

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    U.S. SEC will not appeal ruling against Stanford’s Ponzi victims

    The U.S. Securities and Exchange Commission will not appeal a recent court decision that thousands of victims of financier Allen Stanford’s Ponzi scheme were ineligible under federal law to file claims to recoup their losses, a SEC spokesman said on Friday. On July 18, a federal appeals court in Washington rejected the SEC’s bid to force the Securities Investor Protection Corp to start paying an estimated 7,800 former customers of Stanford Group Co. More on Reuters here.

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    Cassidy pushes for support of Stanford Ponzi scheme investors

    Rep. Bill Cassidy (R-La.) urged the SEC on Friday to appeal an appellate judge’s decision that victims of the Stanford Ponzi scheme are ineligible for compensation from the Securities Investor Protection Corporation (SIPC). Allen Stanford is currently serving a 110-year prison sentence for defrauding investors of more than $5 billion in the scheme, CNBC reports. More on The Ripon Advance here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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