In February 2004, SIPC
executed a similar accord with the Financial Services Compensation Scheme, a SIPC
-like entity that provides protection to investors in the United Kingdom.
Theoretically, a consumer with no experience using a personal computer would be able to sit down at an SIPC
system and immediately play a game, watch a movie or TV program, browse the World Wide Web, connect to a stereo or VCR, listen to voice mail or write e-mail.
As such, the amount of SIPC
funds committed in the Madoff liquidation exceeds the total amount paid in the previous 11 largest SIPA liquidations.
2 million in committed advances by SIPC
to satisfy Madoff customers.
Treasury Official Joined SIPC
Board in September, Bains Nomination Awaits Floor Action by U.
Some of the Web sites may pose as SIPC
and others posed as organizations with SIPC
President Stephen Harbeck said: " While SIPC
has always had great sympathy for the people who purchased the Certificates of Deposit issued by the Stanford International Bank, the statute that SIPC
administers does not address the losses of these victims.
A SIPA liquidation addresses claims of general creditors as well as the 'customers' SIPC
and the Trustee are charged with protecting.
In overseeing the largest bankruptcies of broker-dealers in our country's history, the expertise and deep experience of the management and staff of SIPC
played a critical role in protecting customer accounts and recovering funds inside and outside of the US.
As always, all funds recovered by the Trustee go to the Customer Fund to be distributed to customers, with SIPC
bearing the costs of administration, including accounting and legal fees.
036 percent of their claim amount returned from the funds recovered by the Trustee plus the SIPC
advance of up to $500,000.
maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms.