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Sunpoint Securities Inc

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June 20, 2000 | Associated Press
The insurance fund that protects investors if their brokerage goes bankrupt has paid a record $31 million to restore stocks and cash to about 9,700 investors nationwide who were allegedly bilked by a Texas securities firm. The Securities Investor Protection Corp. plans to announce today the payment--its biggest since it was created by Congress in 1970--to make whole the customers of the now-bankrupt and defunct Sunpoint Securities Inc.
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BUSINESS
June 20, 2000 | Associated Press
The insurance fund that protects investors if their brokerage goes bankrupt has paid a record $31 million to restore stocks and cash to about 9,700 investors nationwide who were allegedly bilked by a Texas securities firm. The Securities Investor Protection Corp. plans to announce today the payment--its biggest since it was created by Congress in 1970--to make whole the customers of the now-bankrupt and defunct Sunpoint Securities Inc.
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BUSINESS
January 9, 1997 | From Reuters
Fifty stockbrokers, some of whom paid as much as $5,000 to impostors to take licensing exams for them, were indicted in the biggest securities-test cheating scheme ever uncovered, New York prosecutors said Wednesday. Manhattan Dist. Atty. Robert Morgenthau said there were 54 defendants in the scheme, including two "ringers" who took the tests, middlemen who helped carry out the scheme and 50 brokers who paid the impostors. Three of the latter became middlemen themselves.
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