H.R.5032 - Ponzi Scheme Investor Protection Act of 2010

To amend the Securities Investor Protection Act of 1970 to provide insurance coverage for certain indirect investors caught in Ponzi schemes, and for other purposes. view all titles (2)

Close

All Bill Titles

  • Official: To amend the Securities Investor Protection Act of 1970 to provide insurance coverage for certain indirect investors caught in Ponzi schemes, and for other purposes. as introduced.
  • Short: Ponzi Scheme Investor Protection Act of 2010 as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill's Views

  • Today: 2
  • Past Seven Days: 14
  • All-Time: 2,198
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
04/14/10
 
 
 
 
 
 
 

Official Bill Text Comment on about 10 Pages

Official Summary

4/15/2010--Introduced.Ponzi Scheme Investor Protection Act of 2010 - Amends the Securities Investor Protection Act of 1970 with respect to the duties of a trustee appointed for a Securities and Exchange Commission (SEC)-registered broker or dealer undergoing liquidation. Instructs the trus
Close

Official Summary

4/15/2010--Introduced.Ponzi Scheme Investor Protection Act of 2010 - Amends the Securities Investor Protection Act of 1970 with respect to the duties of a trustee appointed for a Securities and Exchange Commission (SEC)-registered broker or dealer undergoing liquidation. Instructs the trustee to take specified actions if the trustee determines that the debtor is a Ponzi scheme. Establishes procedures for an indirect Ponzi scheme investor to file a claim. Instructs the trustee to:
(1) coordinate with Ponzi scheme investors to ensure proper payments to indirect Ponzi scheme investors; and
(2) take specified actions to pay indirect Ponzi scheme investors. Prescribes the maximum aggregate amount of all cash and securities that may be awarded to each indirect Ponzi scheme investor. Prohibits the trustee of a Ponzi scheme from seeking to recover money and profits from any Ponzi scheme investor unless such investor's participation in the Ponzi scheme was either complicit or negligent. Requires the Securities Investor Protection Corporation (SIPC) to:
(1) advance to the trustee such moneys as may be required to pay claims and implement this Act; and
(2) promulgate regulations modifying SIPC Fund assessment levels to ensure they are adequate to cover the anticipated costs of implementing this Act.

...Read the Rest

FEED

Recent News Coverage

Hmmmm, no news coverage found for this bill at this time. This means that this this bill has not yet been mentioned on a publicly-searchable news website by either its official number (for example, "H.R. 3200") or title (for example, "America's Affordable Health Choices Act of 2009"). As soon as that changes, our daily automated search across the Web will catch it and include it here. If this bill is of interest to you, you can write a letter to the editor referring to this bill by name, and if your letter is published on the Web, a link back your letter will appear here within about one day. Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build public knowledge about Congress.

Information made available by Daily Life
FEED

Recent Blog Coverage

View All (64)  |  View Top Rated

01/01/11
Wednesday's Cooperstown results today

Majors 256 HR, 5032 AB. Ralph Kiner: Minors 27 HR, 1136 AB Majors 369 HR, 5205 AB. Posted 01/04 at 01:02 PM. schmenkman said... Evidence, schmevidence. Posted 01/04 at 01:15 PM. Paul E said... How old was Hornsby in 1915 in the Western ...

Source: The Hardball Times
Add to My Political Notebook Save to Notebook Rate
12/13/10
Elliott Sun Village/Impact Networth

Please write to them and ask them to expand HR 5032, HR 1159, HR 1389, S 3166 to include all IRA losses, especially those who cannot be compensated by SIPC. Please provide a method or 2 so they can contact you. ...

Source: scams
Add to My Political Notebook Save to Notebook Rate
11/29/10
S.3998: Criminal History Background Checks Pilot Extension Act of ...

Opposing Bill, Opposing Senator, Opposing Representative. H.R.6419 Emergency Unemploymen... 2 · S.773 Cybersecurity Act of ... 2 · H.R.4213 Tax Extenders Act of ... 2 · H.R.5032 Ultrasound Informed C.. ...

Source: Open Congress : House Judiciary - Major...
Add to My Political Notebook Save to Notebook Rate
Information made available by Technorati



Users tracking H.R.5032 (1) are also tracking:

Bills
  • S.3217 Restoring American Fi... 1



Users supporting H.R.5032 (3) are also:








Vote on This Bill

100% Users Support Bill

3 in favor / 0 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC
Save to Notebook Make A Bill Widget

Recent OC Blog Articles

OpenCongress is a free and open-source project of the Participatory Politics Foundation, a 501(c)3 non-profit organization with a mission to increase civic engagement. The non-profit Sunlight Foundation is the Founding and Primary Supporter of OpenCongress.