Good news for American Investors in Stanford’s CD’s, it now looks almost certain they will be receiving SIPC coverage. The following is an announcement made by Angela Shaw director and founder of the Stanford Victims Coalition.
I am in Washington and am happy to announce that today Congressman Culberson (R-TX) introduced an amendment to the Securities Investor Protection Act (SIPA) to include extending SIPC coverage to Stanford investors. The amendment passed the subcommittee unanimously and was approved beforehand by the chairman of the subcommittee as well as the Financial Services Committee Chairman Barney Frank. The language for the amendment was written by the SEC General Counsel after a meeting with Culberson this morning. Senator Hutchison has agreed to introduce the same amendment to the same bill on the Senate side and is quite excited to do so. The appropriations bill has to pass and this language was “protected” by frank and the appropriations subcommittee. The way this all came together today in the matter of only a few hours is truly unbelievable and I will share more specifics as I get them. I just wanted to share we have our first statute and it definitely gives us SIPC coverage!
Director and Founder
Stanford Victims Coalition