Kennedy opposes nomination of SocGen lawyer to investor protection board, cites Stanford Ponzi scheme

MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, wrote today to White House Chief of Staff Mark Meadows urging the administration to withdraw its nomination of Michael Finkel to be a Director of the Securities Investor Protection Corporation (SIPC).

Finkel currently works at Société Générale (SocGen) as Director and Senior Counsel. SocGen controls $210 million that belongs to victims of Robert Allen Stanford’s $7 billion Ponzi scheme.

“Nominating a SIPC Director from SocGen sends the wrong signal to investors across America. The SIPC Board of Directors should not include a current employee of an entity that is fighting tooth and nail against returning assets to victims of investment fraud. On behalf of the many Louisianians that SocGen is choosing not to help, I oppose Mr. Finkel’s nomination and respectfully urge the President to consider a new nominee,” wrote Kennedy.

More than 1,000 Louisianians from Baton Rouge, Covington and Lafayette lost significant amounts of their life savings from Stanford’s fraud, but SocGen refuses to return these funds to victims of the second largest securities fraud in U.S. history.