Summary

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. Read More

Status

This bill was introduced on May 25, 2011, in a previous session of Congress, but was not passed.

Bill Text

A BILL

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Ponzi Scheme Investor Protection Act of 2011''.

SEC. 2. ADDITIONAL PROTECTIONS FOR INVESTORS IN PONZI SCHEMES.

(a) In General.--The Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.) is amended by inserting after section 8 the following new section:

``SEC. 8A. SPECIAL PROVISIONS RELATED TO PONZI SCHEMES.

``(a) Determination by Trustee.--Promptly after the appointment of the trustee, such trustee shall determine if the debtor is a Ponzi scheme. If the trustee determines that the debtor is a Ponzi scheme-- ``(1) the trustee shall notify SIPC; ``(2) SIPC shall make such determination publicly available, including on SIPC's Web site; and ``(3) if the trustee determines that customers invested more than $1,000,000,000 in such Ponzi scheme, the trustee and SIPC shall, not later than 30 days after such determination is made, jointly submit to the Committee on Financial Services of the House, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Secretary of the Treasury a reasonable expected timeline for the consideration of claims made under this section. ``(b) Statement of Claim.-- ``(1) In general.--An indirect Ponzi scheme investor may, not later than the end of the 1-year period beginning on...

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