Congressman Bill Cassidy, M.D., today released the following statement regarding the announcement that the Securities and Exchange Commission concluded that victims of the Stanford Ponzi Scheme are entitled to the protections of the Securities Investor Protection Act of 1970 (SIPA).
"Today's decision by the SEC to compensate eligible victims of the Stanford Ponzi scheme is the successful culmination of a process that has dragged on for two years. Recently, I participated in a Congressional hearing which brought the voices of Stanford victims across America into the public debate.
"These victims worked hard, saved and lived within their means, and today the financial security that was stolen from so many has been returned. This was a process that would have not succeeded without the tireless advocacy of Stanford's victims throughout Louisiana and the country. These victims have begun to be vindicated and I will continue to monitor SIPC to ensure it follows through with its obligation."