Las víctimas olvidadas de Stanford ahora disponible en español

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Monday, June 20, 2011

What and who does SIPC cover?

I do not know how correct the statements here are, but I picked this information off a Spanish blog where someone has been putting questions to Elizabeth Murphy, (secretary of the SEC) and I have translated through Google...hence the broken English. That said, some of information here will probably be of interest. Again, I stress these are not my words and I do not guarantee the statements are correct, but if they are, it clearly states that SIPC will become a Preferential creditor with the receivers and this what I have feared all along.

1.Q. What decided the SEC on June 15?
A.The SEC, in exercising its full authority over the SIPC liquidation ordered start of the QMS.

2.Q. What is SGC?
A. The Stanford Group Company ("SGC") is a broker operating through 29 offices located in U.S. territory, with a single owner: R. Allen Stanford. The brokerage firm was principally engaged in the sale in the United States certificates of deposit ("CDs") issued by the Stanford International Bank Limited ("SIBL"). The Stanford Group Venezuela, Mexico, Peru, Ecuador, and so on. Stanford entities are different from the Casa de Bolsa (SGC) U.S., registered with the SEC and member of SIPC.

3. Q.What does it mean in practice under SIPA liquidation of the SGC?
A.It means that investors with brokerage accounts in the SGC, who bought CDs SIBL through the GSC are included under the umbrella SIPA.

4. Q.What is a brokerage account?
A.It is a brokerage account, through which a broker-dealer is buying or selling securities on behalf of the client. For SIPA coverage, according to the SEC's decision last June 15, it is essential that the potential claimant has opened and maintained a brokerage account at Pershing LLC or JP Morgan Clearing Corporation, through the QMS.

5. Q.What benefit investors receive coverage included under the SIPA?
A.Receive up to $ 500,000 per customer. Only recognized net investment (principal). Excludes interest.

6. Q.What should I do if I am eligible happy to receive this benefit?
A.Wait for instructions from the SEC and / or the SIPC. BEWARE unscrupulous lawyers who want to fish in troubled waters!

7. Q.What should I do if I am eligible to be included within the coverage SIPA?
A.Join Covisal to continue pressuring the US Government in all scenarios. Support Covisal in all its actions and contribute monthly with its operating expenses.

8. Q.How does the payment of this economic relief to the "Distribution Fund" of the Judicial Administration in the U.S.?
A.As I explained in October 2010, economic relief from the SIPC is only a loan against repayment guaranteed by the Heritage of the Receivership. For this reason when the SIPC pays the economic relief to the victims, clients of the QMS, the SIPC will automatically become a preferential creditor of the "Distribution Fund" of the Receivership.

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