Lawmaker Urges SEC To Sue SIPC For Stanford Victims

Law360, New York (December 6, 2011, 8:15 PM EST) -- Sen. David Vitter, R-La., on Tuesday urged the U.S. Securities and Exchange Commission to sue Securities Investor Protection Corp. on behalf of victims of Robert Allen Stanford's alleged $8 billion Ponzi scheme.

Vitter told SEC Chairwoman Mary Schapiro, who testified Tuesday at a Senate Banking Committee hearing, that the agency needs to take action to force SIPC to compensate the victims of the alleged fraudster's scheme.

“I think the SEC needs to take definite action again before the end of the year in a positive way,”...
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