Washington, DC – U.S. Congressman Charles W. Boustany, Jr., MD, today demanded the Securities and Exchange Commission (SEC) act to assist victims of the Stanford Ponzi scheme.
“The SEC must stop the needless delays and bureaucratic processes. These opaque efforts do nothing to assist Stanford victims,” Boustany said. “I am determined to help Stanford victims gain financial relief and will continue to push for remedies through the SEC and in Congress.”
In recent weeks, Congressman Boustany has taken steps to protect investors from Ponzi schemes. Earlier this month, he joined Representative Bill Pascrell, Jr. (D-NJ) to introduce the Ponzi Scheme Victim’s Tax Relieve Act of 2011. The bill expands the net operating loss carryback period for investors in a Ponzi-type scheme from five to 10 years. Victims who lost money in a Ponzi scheme can recoup the losses by declaring them as net operating losses during previous tax years and collecting refunds from those tax years.
The SEC today responded to a letter sent by Congressman Boustany, defending their two-year investigation.