Press Room
Nevada, Kentucky, and Mississippi Secretaries of State Release Stanford Report and Executive Recommendations
December 15, 2009
In response to the Stanford financial debacle 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 October 5, 2009 in Jackson, Mississippi. 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 are calling for stronger, more effective securities and investment regulation at the state level, as well as better coordination with federal regulators," says Secretary of State Trey 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."
"Stanford Financial acted irresponsibly and without regard for the thousands of lives that were affected," says Secretary of State Delbert Hosemann. "In the attached report, we have identified how the fraud was perpetuated, placed a "face" on the victims, and provided proposals to protect our citizens from another Stanford."
Secretary of State Trey Grayson also serves as the President of the National Association of Secretaries of State (NASS). Secretaries Ross Miller and Delbert Hosemann serve as co-chairs to the Securities Committee for NASS. Grayson, Miller, and Hosemann hope to introduce the report's recommendations during the 2010 NASS conference for adoption by the organization.
