Organizations Filed Purposes:
SIPC's MISSION IS STATUTORY. WHEN A BROKERAGE FIRM IS CLOSED DUE TO BANKRUPTCY OR OTHER FINANCIAL DIFFICULTIES AND CUSTOMER ASSETS ARE MISSING, SIPC STEPS IN AS QUICKLY AS POSSIBLE AND, WITHIN CERTAIN LIMITS, WORKS TO RETURN CUSTOMERS' CASH, STOCK AND OTHER SECURITIES, AND OTHER CUSTOMER PROPERTY. WITHOUT SIPC, INVESTORS AT FINANCIALLY TROUBLED BROKERAGE FIRMS MIGHT LOSE THEIR SECURITIES OR MONEY FOREVER OR WAIT YEARS WHILE THEIR ASSETS ARE TIED UP IN COURT.
Protection of customers of SIPC members pursuant to the Securities Investor Protection Act of 1970. Copy of 2019 Annual Report is attached. Members as of 12/31/19 is 3,524.
SIPC INITIATED NO NEW CUSTOMER PROTECTION PROCEEDING IN 2019. TOTAL PROCEEDINGS COMMENCED UNDER SIPC TO DATE ARE 330. IN 2019, 1 PROCEEDING WAS COMPLETED AND 2 PROCEEDINGS HAD SATISFIED CUSTOMER CLAIMS WITH LITIGATION MATTERS PENDING. CASH AND SECURITIES DISTRIBUTED FOR ACCOUNTS OF CUSTOMERS DURING 2019 TOTALED APPROXIMATELY $1.6 BILLION. APPROXIMATELY 13 ADDITIONAL CUSTOMERS RECEIVED DISTRIBUTIONS.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Josephine Wang | Pres. (from 4/1/19),GC & Sec'y | 40 | $943,861 |
| Kenneth J Caputo | GC (from 4/19/19), Sr Assoc GC | 40 | $501,781 |
| Karen L Saperstein | Vice President - Operations | 40 | $402,693 |
| Charles E Glover | Vice President - Finance | 40 | $340,876 |
| Kevin H Bell | Sr. Assoc. GC - Dispute Res. | 40 | $331,002 |
| Christopher H Larosa | Sr. Assoc. GC - Litigation | 40 | $325,668 |
| Stephen P Harbeck | President & CEO (thru 3/31/19) | 40 | $319,966 |
| Abraham L Wons | Director - Risk Management | 40 | $298,589 |
| Timothy Timanus | AVP - Operations | 40 | $283,717 |
| Hemant Sharma | Sr. Assoc. GC - International | 40 | $282,526 |
| William S Jasien | Director | 3 | $6,585 |
| Anthony D'Agostino | Director | 2 | $6,585 |
| Gregory S Karawan | Director | 2 | $6,250 |
| W Moses Kim | Director | 5 | $0 |
| Daniel M Covitz | Director | 3 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202011649349301656_public.xml