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Investment frauds using religion on the rise, state regulators warn

WASHINGTON (August 7, 2001) – Investment frauds that take advantage of victims’ religious or spiritual beliefs are rising dramatically, state securities regulators warned Tuesday, with losses in three large cases – Greater Ministries International Church, the Baptist Foundation of Arizona and the IRM Corporation – approaching $1.5 billion. The warning about religious-based investment scams at […]

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NASAA Statement on Richard Walker's Departure from SEC

The North American Securities Administrators Association (NASAA) today (July 10, 2001) issued the following statement after the announcement that Richard Walker was resigning as the SEC’s Director of Enforcement: “Dick Walker brought a passion and a commitment to his work that truly inspired others,” said Deborah Bortner, NASAA president and Washington State’s director of securities. […]

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NASAA Statement on Richard Walker’s Departure from SEC

The North American Securities Administrators Association (NASAA) today (July 10, 2001) issued the following statement after the announcement that Richard Walker was resigning as the SEC’s Director of Enforcement: “Dick Walker brought a passion and a commitment to his work that truly inspired others,” said Deborah Bortner, NASAA president and Washington State’s director of securities. […]

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NASAA statement on the GAO`s SIPC report

(June 26, 2001) – “There has been too much confusion about what the Securities Investor Protection Corporation is and what it does,” said Marc Beauchamp, executive director of the North American Securities Administrators Association. “The General Accounting Office`s recommendations, if followed, would help investors by clearing up some of the misconceptions about SIPC insurance, what […]

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NASAA Statement on White House Intent to Nominate Harvey Pitt to SEC Chairmanship

(May 10, 2001) – “Harvey Pitt has had a distinguished career, both in public service and in private practice,” said Marc Beauchamp, executive director of the North American Securities Administrators Association. “He is one of the top securities lawyers in the country. Because of his experience at the Securities and Exchange Commission, he understands how […]

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“Top 10 Investment Scams” List Released by State Securities Regulators

WASHINGTON (April 23, 2001) – State securities regulators today released a list of the top 10 investment scams they are combating. New to the third annual list are risky payphone and ATM investments, often sold by independent life insurance agents, and so-called “callable” certificates of deposit sold to older Americans despite their 10- to 20-year […]

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Securities Industry and Regulators Launch Combined Investor Education Initiative

Group Unveils Informational Brochure On Promissory Notes Washington, D.C., April 12, 2001 – In an effort to ensure that the 78 million Americans who own securities are better informed about the ins and outs of investing, the National Association of Securities Dealers, the North American Securities Administrators Association, the Securities and Exchange Commission, and the […]

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NASAA Statement on NASD Online Suitability Guidelines

(March 20, 2001) – These guidelines are an effort to strike the right balance between investor protection and marketplace and technological innovation. They do not attempt to address every possible scenario; there remains a lot of gray area. But these guidelines begin to bring needed clarity to this important area. In attempting to set out […]

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State securities cops announce actions against sellers of payphone schemes

Losses estimated at $76 million so far WASHINGTON (March 13, 2001) – State securities regulators from Washington state to Florida today announced actions against individuals and companies that promised high returns from risky or fraudulent investments in pay telephones. Securities regulators in 25 states¹ and the District of Columbia participated in the crackdown, identifying nearly […]

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NASAA Statement Regarding SEC Pay Parity and Reduction of Certain Fees

(March 1, 2001) – “The North American Securities Administrators Association supports congressional efforts to provide the staff of the Securities and Exchange Commission with much-needed pay parity with their counterparts at the federal banking agencies,” said Marc Beauchamp, NASAA`s executive director. State securities regulators understand the difficulties the SEC faces in recruiting and retaining a […]

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