The Honorable Orlan Johnson, Chairman of the Board of SIPC and Michael De Vita, Madoff Survivor
528 بار بازدید -
14 سال پیش
-
September 23 2010; House Financial
September 23 2010; House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced today that he will convene a September hearing to assess the limitations of the Securities Investor Protection Act (SIPA), a law that works to return money and securities to the customers of failed brokerages.
Orland Johnson, the Chairman of the SIPC and Michael De Vita after the hearing.
This was an impromptu discussion about keeping your stocks titled in the broker's name and the risks inherent in doing so, among other issues.
"The many complaints of investors after the failure of Lehman Brothers and the Madoff Ponzi scheme, along with a number of court rulings, make it clear that Congress needs to explore a comprehensive overhaul of SIPA," said Chairman Kanjorski. "As part of these efforts, we must also ensure that the Securities Investor Protection Corporation, the entity charged with implementing SIPA, follows the spirit of the existing law and works to protect the best interests of investors. Unfortunately, SIPC has denied the claims of customers based on statement balances provided to them by their brokers, yet SIPC expects customers to use those very same statements to report unauthorized trading in their accounts. This paradox results in a customerʼs statement being meaningless whenever it could harm SIPC, but not when it harms the customer. We need to explore this inconsistency further."
Orland Johnson, the Chairman of the SIPC and Michael De Vita after the hearing.
This was an impromptu discussion about keeping your stocks titled in the broker's name and the risks inherent in doing so, among other issues.
"The many complaints of investors after the failure of Lehman Brothers and the Madoff Ponzi scheme, along with a number of court rulings, make it clear that Congress needs to explore a comprehensive overhaul of SIPA," said Chairman Kanjorski. "As part of these efforts, we must also ensure that the Securities Investor Protection Corporation, the entity charged with implementing SIPA, follows the spirit of the existing law and works to protect the best interests of investors. Unfortunately, SIPC has denied the claims of customers based on statement balances provided to them by their brokers, yet SIPC expects customers to use those very same statements to report unauthorized trading in their accounts. This paradox results in a customerʼs statement being meaningless whenever it could harm SIPC, but not when it harms the customer. We need to explore this inconsistency further."
14 سال پیش
در تاریخ 1389/07/01 منتشر شده
است.
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