On June 15th, the SEC announced that it has concluded that certain individuals who invested money through the Stanford Group Company, a U.S. broker-dealer owned and used by R. Allen Stanford to perpetrate a Ponzi scheme, are entitled to the protections of the Securities Investor Protection Act of 1970 ("SIPA"). The Commission has therefore asked the Securities Investor Protection Corporation to initiate a court proceeding under SIPA to liquidate the broker-dealer. SEC Press Release. On June 14th, the Washington Post reported that Senator David Vitter said he would block the confirmation of two nominees to the SEC, Luis Aguilar and Daniel Gallagher, until the SEC said when it would decide whether Stanford's victims would be compensated. Nominees.