To be clear," counsel for the SIPC
wrote in response to the SEC's court filing, "there is a reason why the SEC wants to avoid judicial scrutiny and to obtain relief based only on its say-so: because the SEC cannot prevail under any serious analysis of the facts and the law in this case.
Extending or connecting SIPC
systems to other devices is designed to be as easy as plugging in an extension cord.
For that purpose, SIPC maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms.
The only source of payment for the portion of these and other allowed claims in excess of the $500,000 from SIPC is the recovery of BLMIS property by the Trustee through the various actions he has and will undertake, including avoidance actions and other recoveries of BLMIS property.
Harbeck said: "Contrary to what has been suggested by some entirely ill-informed parties, all of the expenses of this work have been paid for by SIPC.
The Court of Appeals dismissed SICP's fraud claim, noting that BDO's audit reports had, in fact, featured negative information about Baron and holding that the failure of the SEC and the NASD to pass that information along to SIPC
could not reason: ably be relied upon by SIPC
as a statement by BDO that Baron was in good financial condition.
SogoTrade's parent company, Genesis Securities LLC, has teamed up with London Underwriters to provide account protection in excess of the standard SIPC coverage SogoTrade customers already enjoy through Genesis Securities, a member of the Securities Investor Protection Corporation (SIPC), which protects client accounts up to $500,000 including $100,000 for cash claims in the event of a brokerage failure.
Excess SIPC coverage is just one of many features SogoTrade has introduced to meet the needs of active traders.
says that "in a link from the homepage of the site that leads to a photo of a huge stack of U.