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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.

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    SIPC’s Brokerage Insurance Scam of Allen Stanford’s Victims — Another Reason to Close Your Brokerage Account Now!

    Imagine you invest with a broker whose front doors, office plaques, coffee mugs, pencils, brochures, stationery, folders, office signage, and emails all proclaim that your investments are insured by SIPC – Wall Street’s so-called “Securities Investor Protection Corporation.” Your broker tells you the stock market is overvalued. But he has a very safe, moderate-yield investment opportunity that entails purchasing certificates of deposits. More on Forbes here.

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    Check Out JPMadoff.com — The True Horror Series Starring Fraud Street and You!

    Forget House of Cards, Game of Thrones, Madmen, and all the other series you can’t wait to restart. There’s a new series out that beats them all. It went live yesterday on this channel. It’s free for the viewing, well, actually for the reading. It’s as shocking and scary as anything you’ll see in The Walking Dead.
    No, there no pretend zombies eating your mother-in-law. Instead, there are real-life, crooked felons eating your lunch. They star, in Season 1, the JPMorgan Chase bankers who spent two decades laundering Bernie Madoff’s money without a single one going to jail or, it seems, even losing his job. Season 2 may feature other JPMorgan bankers (all of whom are not just walking the streets, but still managing people’s money) whose financial malfeasance has produced over $28 billion in JP Morgan fines over the past four years. Seasons 3 and beyond? No one knows. But Citigroup, Bank of America, Morgan Stanley, and Goldman Sachs and their bankers will, no doubt, play leading roles. More on Forbes here.

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    Miss. Delegation Members Call for SEC to Appeal Ponzi Scheme Ruling

    WASHINGTON – Members of Mississippi’s congressional delegation, including U.S. Senators Thad Cochran, R-Miss., and Roger Wicker, R-Miss., and U.S. Representatives Gregg Harper, R-Miss., Alan Nunnelee, R-Miss., and Steven Palazzo, R-Miss., today called on Securities and Exchange Commission (SEC) Chair Mary Jo White to appeal a recent ruling by the U.S. Court of Appeals regarding the Ponzi scheme perpetrated by R. Allen Stanford. The court found that thousands of investors who were cheated in this Ponzi scheme, including many Mississippians, are not eligible for financial compensation. More on Insurance News here.

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