The letter urges Chairman Johnson to act more quickly to compensate the victims of the Stanford Ponzi scheme. It has been more than five months since the SEC determined that certain victims of the Stanford Ponzi scheme were entitled to SIPC protection for their losses, and the victims in the sixth Congressional District and around the country are still waiting for answers.
“SIPC has an obligation to live up to its responsibilities, and I am hopeful that they will provide the Stanford Victims with the news they have been waiting for since this tragedy began. This letter is just one part in a three year effort by the members of Congress who represent the victims to continue to push for a final resolution,” said Congressman Cassidy.
The US Congress has written to the Securities Investor Protection Corporation (SIPC) demanding action in the payment of victims of the alleged R Allen Stanford Ponzi Scheme.
The letter was sent to Chairman Orlan Johnson on November 22th.
The Congress wants a “satisfactory update” or a decision on the matter by December 15. Failing this, it has threatened to recommend a formal inquiry by the House Financial Services Committee.