Las víctimas olvidadas de Stanford ahora disponible en español

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Monday, October 18, 2010

SIPC Cover for the Americans will be paid to the detriment of International Victims

We have just learned that should the Americans be successful in their application for SIPC cover it will be to the detriment of the 20,000 remaining International Victims.

The SECURITIES INVESTOR PROTECTION ACT OF 1970 Document clearly states that the SIPC cover is considered a "LOAN" and the money will be recovered from remaining assets of the Debtor, ie any recoveries the receiver may have made from selling Allen Stanford's assets.

So to be clear, when we were told that if the Americans received SIPC cover it would leave more money for the receiver to distribute among the remaining International Victims this was incorrect. Not only will the money to pay for SIPC be recovered from the receiver he will also have to pay administration charges for the above work.
In essence the Americans will be paid SIPC cover to the detriment of every International Victim!

This is clearly unfair, all Stanford Victims should be treated equally,and certainly the few should not benefit at the expense of the many.

Sip a 70

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