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Diaz-Balart responds to the SEC Ruling in Favor of Victims of the Stanford Ponzi Scheme

June 15, 2011

Washington, D.C. –Congressman Mario Diaz-Balart (R-FL) released the following statement once the SEC concluded that certain Stanford Ponzi Scheme investors are entitled to protections under the Securities Investor Protection Act of 1970 (SIPA). Diaz-Balart comments:

“I am pleased that the SEC has finally, after two long years, decided to protect and stand by a number of the victims of the Stanford Ponzi scheme. While the ruling does not cover all of the victims, progress has been made and it will provide relief to some of the many victims who have been eagerly waiting for a final decision. The next step is for the SEC to settle the claims and to do so in a timely manner.”

Congressman Diaz-Balart sits as Vice-Chair on the Appropriations Financial Services Subcommittee, which held a hearing in March with SEC Chairwoman Mary Schapiro. During the hearing, Diaz-Balart requested Chairwoman Schapiro to prioritize and expedite the ruling in order to give victims justice.