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Investor protection agency protects scam artists

The Securities Investor Protection Corp., or SIPC, would have brokerage customers believe that they are protected from securities theft and fraud. The SIPC logo, always posted on brokerage walls and stamped on brokerage statements, is supposed to be a reassuring reminder to customers that they are covered in the event of brokerage theft. But SIPC’s history and recent behavior suggests that SIPC isn’t particularly concerned about investors. If brokerage customers think they are covered, they are sadly mistaken.
Read Ron Stein’s MarketWatch commentary here.

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