(Washington, DC)  – Congressman Charles W. Boustany, Jr., M.D. (R-South Louisiana), released the following statement after today’s Securities Investor Protection Corporation (SIPC) hearing on Capitol Hill titled, “The Securities Investor Protection Corporation: Past, Present, and Future,”:

 “Yesterday, a federal jury in Houston, Texas convicted Allen Stanford on charges of conspiracy, mail and wire fraud, and obstructing the Securities and Exchange Commission’s investigation of his fraudulent empire. This conviction signals a positive step toward bringing justice to the 21,000 victims of Allen Stanford’s $7 billion Ponzi scheme, one of the largest financial frauds our nation has ever seen.

“Today’s SIPC hearing on Capitol Hill illustrates the corporation’s inability to do its job: protect consumer accounts when a brokerage fails. I continue to support the cause of the victims and will push for a resolution.”     

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