SIPC NAMES ARMANDO J. BUCELO, JR. AS NEW CHAIRMAN OF BOARD OF DIRECTORS
Miami Attorney Is First Hispanic and First Floridian Appointed to SIPC Board
WASHINGTON, D.C. - January 4, 2006 - Miami attorney Armando J. Bucelo, Jr., is the new chairman of the board of the Securities Investor Protection Corporation (SIPC), which was created by Congress to maintain a special reserve fund to help investors at bankrupt brokerage firms. Mr. Bucelo already has been active for three years as a presidential appointee on the board of SIPC, upon which he is both the first Hispanic and first Floridian to so serve his nation.
Bucelo was appointed by President Bush as a director of SIPC in 2002 and became vice chairman of the board in 2003. He is stepping into the position formerly held by W. R. "Tim" Timken, Jr., who was chairman of the board of the Securities Investor Protection Corporation from 2003 to 2005.
SIPC Board Chairman Bucelo said: "I am honored to have been chosen to serve my country in this important capacity. The work of SIPC is integral to confidence in the integrity and fairness of our capital markets. It is part of my focus to ensure that all Americans -- including those who may be new to this nation and those who may not speak English as their first language - learn of how the Securities Investor Protection Corporation can serve them."
Bucelo also serves on the board of directors of the National Housing Development Corporation, a national nonprofit organization dedicated to preserving affordable housing in partnership with local communities, empowering individuals and revitalizing communities. He was appointed by the governor as a trustee of the board of directors of Miami Dade Community College and has served in that capacity since 1999. Bucelo was also a director of Freddie Mac under the George H.W. Bush administration.
Bucelo is the recipient of numerous awards and honors for his extensive civic activities. Born in Havana, Cuba, he received his B.S. and J.D. from the University of Miami. Bucelo is a member of the Florida Bar and the Inter-American Bar. He is admitted to practice law before the Supreme Court of the United States as well as various United States Tax and District Courts.
From the time Congress created it in 1970 through December 2004, the Securities Investor Protection Corporation (http://www.sipc.org) has advanced $570 million in order to make possible the recovery of $14.2 billion in assets for an estimated 624,000 investors. Although not every investor is protected by SIPC, SIPC estimates that no fewer than 99 percent of persons who are eligible have been made whole in the failed brokerage firm cases that it has handled to date.
SIPC either acts as trustee or works with an independent court-appointed trustee in a fraud case to recover funds. The statute that created SIPC rules provides that customers of a failed brokerage firm receive all non-negotiable securities that are already registered in their names or in the process of being registered. At the same time, funds from the SIPC reserve are available to satisfy the remaining claims of each customer up to a maximum of $500,000. This figure includes a maximum of $100,000 on claims for cash.
CONTACT: Ailis Aaron, The Hastings Group, (703) 276-3265 or email@example.com.
EDITOR'S NOTE: A digital color photograph of Armando J. Bucelo, Jr., is available by clicking here.
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