Stanford hearing, report touted
by Wally Northway
Published: December 18,2009
Tags: fincial scam, ponzi scheme, SCANDAL, state government
JACKSON — A hearing held in Jackson back in October and a subsequent state report concerning the Stanford Financial scandal are being touted by secretaries of state around the nation as proof there needs to be more securities and investment regulations on the state level.
In response to the Stanford Financial scam that affected many states across the nation, Secretaries of State Trey Grayson of Kentucky, Ross Miller of Nevada and Delbert Hosemann of Mississippi participated in a hearing regarding Stanford on Oct. 5, 2009 in Jackson. The purpose of the hearing was to discuss Stanford Financial’s organization and operation, provide a forum for Stanford investors to discuss the effect of the investment fraud, discuss potential relief to the victims affected by the securities firm and identify steps which can be taken to ensure this type of massive investor loss does not happen again.
“The Stanford hearing and the state’s report on this matter demonstrate exactly why members of the National Association of Secretaries of State (NASS) are calling for stronger, more effective securities and investment regulation at the state level as well as better coordination with federal regulators,” said Grayson. “We will be calling on Secretary Hosemann, as co-chair of the NASS Securities Committee, to share this report and to lead the discussion on how states can formulate meaningful legislation to protect investors and consumers from fraud.”
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