Rep. Bill Cassidy, R-Baton Rouge, is asking Securities and Exchange Commission Chair Mary Jo White to appeal a D.C. Court of Appeals ruling that victims of the Stanford Ponzi scheme aren’t eligible for compensation from a fund established by the Securities Investor Protection Corp. The court ruled that the losses, painful as they were, came from foreign certificates of deposit issued by banks that aren’t part of the corporation’s industry members who fund the account to reimburse victims of financial fraud. More on The Hill here.
