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Dear Friends – In the hope that this finds you well, I present this update, focused on the legislative front. With Congress just back from its Easter break, and after months of wrangling over budget issues, we’re cautiously optimistic that it will begin to take up some of key SIPC and tax issues in earnest. We’re particularly energized by Congressman Garrett’s involvement as Chair of the House Subcommittee on Capital Markets. The Financial Services Oversight and Investigations Hearing – archived webcast and witness testimonies can be found [...] Securities regulators will argue they have mended their ways at a congressional hearing Friday into the decade-long failure to investigate Texas financier Allen Stanford’s alleged Ponzi scheme. Read Reuters report [...] A former Securities and Exchange Commission enforcement official who has been accused of repeatedly blocking efforts to investigate R. Allen Stanford, the Houston financier charged with running a $7 billion Ponzi scheme, is the subject of a federal criminal inquiry for having done legal work for Mr. Stanford after leaving the S.E.C., government officials said Friday. Read NY Times article [...] An SEC employee who fought for years to get the agency to stop an alleged massive Ponzi scheme told a House panel that she “paid a heavy price” for protesting her boss’s weak approach to exposing such scams. Read Washington Post report [...] Date/Time: Tuesday, May 17 2011 – 1:00PM Representative Jo Bonner [R-AL1] joins co-sponsorship of H.R. 1635: Ponzi Scheme Victims’ Tax Relief Act of [...] The Securities Investor Protection Corporation will hold a forum next month to discuss modernizing the three-decade-old federally mandated and member-funded agency. Read more in AMLaw Daily [...] What does it cost to clean up after the biggest swindle ever? Read CNNMoney report [...] Until two weeks ago, Kayla Gillan was deputy chief of staff at the Securities and Exchange Commission, an agency whose duties include policing and regulating the accounting firms that audit public companies. Last week, PricewaterhouseCoopers announced that Gillan was taking a leadership role at the big accounting firm to work on regulatory issues. Read more in the Washington Post [...] |
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Contact us by phone at (631) 425-0770, fax at (631) 421-5701 or by email at admin@investoraction.org
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