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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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    Madoff, Stanford fraud victims refused appeals by U.S. top court

    Victims of the Ponzi schemes of Bernard Madoff and Allen Stanford, two of the largest in U.S. history, suffered setbacks on Monday as the U.S. Supreme Court refused to hear appeals in two cases seeking to recoup more money for them. In the Madoff case, the court rejected a request by Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, to review the dismissal of his claims against banks he accused of enabling Madoff’s fraud. Separately, the court rejected a request by Ralph Janvey, a receiver unwinding Stanford’s businesses, to review a ruling that blocked him from pursuing claims against Stanford employees on behalf of the receivership’s creditors, not the businesses themselves. More on Reuters here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    ALERT:

    H.R. 3482 – New Co-sponsor

    Congressman Alcee Hastings [D-FL20] has signed onto H.R. 3482 – Restoring Main Street Investor Protection and Confidence Act.

    If your representative is not currently a co-sponsor (click here for a list of current co-sponsors), please call or write them to urge them to join in supporting this legislation. You can use our letter writing tool at www.fixsipcnow.org to submit your letter on-line.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    ‘They’re fighting over our money’

    Court-authorized professionals cleaning up the debris of one of the largest Ponzi schemes in U.S. history have been paid $64.2 million — more than twice the amount returned so far to victims — and are seeking more compensation. Those professionals have recovered less than $300 million of the estimated $5.5 billion to $7 billion stolen from thousands of victims in Louisiana and in places as distant as Venezuela by convicted Houston swindler Robert Allen Stanford, whose company operated an office in Baton Rouge. Attorneys, accountants and investigators searching since February 2009 for the mountains of money had been paid $64.2 million of the victims’ money recovered by the end of 2013. More in The Advocate here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    U.S. Senate bid to aid Stanford victims fails

    The U.S. Senate overrode an attempt Tuesday by its two Louisiana members to stand up for victims of the $7 billion-plus Stanford investment scheme, although the defiance was largely symbolic and its futility does not directly affect the efforts of the victims to recover their losses. The Senate voted 48-46 to confirm President Barack Obama’s nomination of Sharon Bowen to a seat on the federal Commodities Future Trading Commission. Both senators from Louisiana — Democrat Mary Landrieu and Republican David Vitter — voted against Bowen. Democrats supplied all 48 “yes” votes. Landrieu and Democrats Bill Nelson, of Florida, and Jeanne Shaheen, of New Hampshire, and independent Bernie Sanders, of Vermont, joined Vitter and 41 other Republicans voting no. The CFTC had nothing to do with the Stanford swindle, a Ponzi scheme in which an estimated 1,000 to 2,000 investors in Baton Rouge, Lafayette, Covington and other parts of Louisiana were swindled out of between $500 million and $1 billion. That equates to an average loss of $250,000 to $1 million each. More in the New Orleans Advocate here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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