It's Payback Time
Defrauded investors can recover some of their money
Two comprehensive websites to start with are Stanford University's securities class action clearinghouse (http://securities.stanford.edu) and the SEC's, but neither is complete. The SEC lists information about most, though not all, of the $5.6 billion worth of reimbursement funds it is handling at www.sec.gov/divisions/enforce/claims.htm. Information on several important cases, such as Enron and Adelphia, is buried elsewhere on government websites. Details on funds established as a result of private litigation are scattered among dozens of websites, including those of courthouses, law firms, and big investors. The University of California hosts Enron suit information, for example. Investors should also monitor the websites of the big fund distribution companies, such as www.gilardi.com/php/Current.php, http://www.gardencitygroup.com/ cases/index.html, and http://hrsclaimsadministration.com/cases/.
For some investors, the hard work would be worth it even if there were no payoff. Robert Bolen, a certified financial planner in the Nashville suburbs, devoted a weekend to filling out five 20-page forms in order to be able to collect from the WorldCom private reimbursement fund because he felt so betrayed by WorldCom executives Bernie Ebbers and Scott Sullivan. For him, there is a satisfaction that comes from recouping at least a piece of his losses directly from the executives and companies he believes misled him. "I want to get my little pound of flesh," he says.
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