"The issue of SIPC's responsibility to adequately insure investors against fraud will also surely come into question. As created by Congress through the SIPA ACT of 1970, SIPC's mission is to provide adequate insurance to investors in the form of cash or securities refunds in the event of fraud, with the money to be disbursed to victims in a timely manner."
"How can the American public have confidence in its investments and continue to add to them if the regulatory agencies charged with monitoring their investments totally fail in their duties and the investors have no recourse?"
The Coalition is hoping that these efforts will not only educate the public, but also remind Congress of its responsibility to uphold the laws that make this country the most powerful and safest country in which to live. They are asking their legislators to support their efforts to assure that the SEC follows the SIPA statute and to enforce existing law which requires SIPC to pay the insurance that Congress has mandated for the victims to receive. Thus far, that is not happening. They are appealing to Congress to intervene on their behalf.
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