Sens. Thad Cochran and Roger Wicker and U.S. Reps. Bennie Thompson, Gene Taylor, Travis Childers and Gregg Harper say they have signed a letter that asks SEC Chairman Mary Shapiro consider taking immediate action to compensate the thousands of U.S. citizens from 46 states – including Mississippi – who lost money in the Stanford Financial Group Ponzi scheme.
The letter was signed by seven senators and 34 House members.
The letter to Shapiro recommends that the SEC consider liquidating the Stanford Group Co. under the Securities Investor Protection Act, and order the Securities Investor Protection Corporation to pay claims of victims who were defrauded of $7.2 billion by Stanford.
To date, Stanford Financial Group victims have not been found to be qualified for SIPC relief.