3.0.0 1987 2022-03-01T06:43:08Z 2022-03-01T06:43:08Z House H HR 2011-05-25 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. ACKERMAN:H.R. 1987.Congress has the power to enact this legislation pursuantto the following:Commerce ClauseArt. 1Sec. 8Clause 3[Page H3645]]]> hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Hearings by 2012-03-07T16:42:16Z Referred to 2011-07-19T15:42:00Z Referred to 2011-05-25T14:02:20Z 2012-03-07 hsba16 Capital Markets Subcommittee 1 House committee actions Subcommittee Hearings Held. Committee 2011-07-19 hsba16 Capital Markets Subcommittee 1 House committee actions Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. Committee 2011-05-25 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2011-05-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-05-25 Introduced in House IntroReferral 1000 9 Library of Congress A000022 Rep. Ackerman, Gary L. [D-NY-5] GARY ACKERMAN D NY L. 5 N S001175 Rep. Speier, Jackie [D-CA-12] Jackie Speier D CA 12 2011-06-01 False D000610 Rep. Deutch, Theodore E. [D-FL-19] Theodore Deutch D FL E. 19 2011-06-01 False A000210 Rep. Andrews, Robert E. [D-NJ-1] ROBERT ANDREWS D NJ E. 1 2011-06-13 False R000462 Rep. Rothman, Steven R. [D-NJ-9] STEVEN ROTHMAN D NJ R. 9 2011-06-13 False M000309 Rep. McCarthy, Carolyn [D-NY-4] CAROLYN MCCARTHY D NY 4 2011-06-14 False H000324 Rep. Hastings, Alcee L. [D-FL-23] ALCEE HASTINGS D FL L. 23 2011-06-24 False B001242 Rep. Bishop, Timothy H. [D-NY-1] Timothy Bishop D NY H. 1 2011-08-01 False S001150 Rep. Schiff, Adam B. [D-CA-29] ADAM SCHIFF D CA B. 29 2011-09-08 False Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Administrative remedies Bankruptcy Financial services and investments Fraud offenses and financial crimes Government corporations and government-sponsored enterprises Government trust funds Securities User charges and fees Wages and earnings Finance and Financial Sector 00 2011-05-25 Introduced in House 2011-09-06T16:20:42Z Ponzi Scheme Investor Protection Act of 2011 - 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 was either: (1) complicit in the Ponzi scheme, or (2) registered, or should have been registered, with the SEC as an an investment adviser, broker, dealer, or other person with a fiduciary duty to its customers or investors.

Requires the Securities Investor Protection Corporation (SIPC) to: (1) promulgate regulations to ensure that any required adjustment in the net equity of a Ponzi scheme investor is passed to the appropriate indirect Ponzi scheme investors, (2) advance to the trustee any moneys required to pay claims and implement this Act, and (3) promulgate regulations modifying SIPC Fund assessment levels to ensure they are adequate to cover the anticipated costs of implementing this Act.

Directs the court to award the amounts recommended by the SIPC if certain allowances are to be paid by the SIPC without reasonable expectation of recoupment and there is no difference between the amounts requested and the amounts recommended.

Requires SIPC to select an independent public accountant to perform an annual audit of the trustee of the debtor in a liquidation proceeding for which SIPC does not have a reasonable expectation of recoupment of the advances it made for the proceeding.

]]> Ponzi Scheme Investor Protection Act of 2011 Short Titles as Introduced Ponzi Scheme Investor Protection Act of 2011 Display Title Ponzi Scheme Investor Protection Act of 2011 Official Title as Introduced 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. Introduced in House 2011-05-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr1987ih/xml/BILLS-112hr1987ih.xml 2012-03-07 Subcommittee Hearings Held. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.