Securities-Investigation of Complaints and SEC Information (58.001)
Program
58.001 Securities-Investigation of Complaints and SEC Information
Federal Agency
SECURITIES AND EXCHANGE COMMISSION
Authorization
Securities Act of 1933, Public Law 73-22, 15 U.S.C. 77a et seq.; Securities Exchange Act of 1934, Public Law 73-291, 15 U.S.C. 78a to 78jj, as amended, Public Laws 92-29 and 94-29; Public Utility Holding Company Act of 1935, Public Law 74-333, 15 U.S.C. 79 to 79z-6; Trust Indenture Act of 1939, Public Law 76-253, 15 U.S.C. 77aaa to 77bbbb; Investment Company Act of 1940, Public Law 76-768, 15 U.S.C. 80a-1 to 80a-52; Investment Advisers Act of 1940, 15 U.S.C. 80b-1 to 80b-21; National Bankruptcy Act, Chapter X, Public Law 75-696, 11 U.S.C. 501-676; Securities Investor Protection Act of 1970, Public Law 91-598, 15 U.S.C. 78aaa, as amended, Public Law 95-283.
Program Number
58.001
Last Known Status
Active
Objectives
To serve investors who complain about investment fraud or the mishandling of their investments by securities professionals. To respond to a wide range of investor inquiries, produce and distribute educational materials, and organize investor education events. To advise the SEC and its staff about problems frequently encountered by investors and possible solutions. To represent the interests of individual investors in connection with SEC rule-making proceedings.
Types of Assistance
Dissemination of Technical Information; Investigation of Complaints.
Uses and Use Restrictions
Investor complaints provide an important source of information about possible securities laws violations and can assist the SEC in its law enforcement and regulatory functions.Investors who believe that possible securities laws violations have occurred should advise the SEC so that it may take appropriate regulatory action. However, the SEC is not a collection agency. It does not advise investors whether particular transactions about which they may have complained violate the federal securities laws, nor does it seek recovery on behalf of investors through court action or otherwise. These laws do provide important remedies to investors, and investors should consider seeking the advice of an attorney as to any recourse available to them if they believe they have been defrauded.
Eligibility Requirements
Applicant Eligibility
Anyone may seek information from or file a complaint with the SEC.
Beneficiary Eligibility
The SEC's actions are designed to protect not only those who seek its help directly, but also all other similarly situated investors and the general public. Moreover, the SEC's public files contain financial and other information about several thousand companies, broker-dealers, investment companies, investment advisers, transfer agents, and banks. Members of the public may examine such material at the SEC's headquarters office in Washington, DC, or they may order copies of the material by contacting the SEC at: Public Reference Branch, Mail Stop 1-2, 450 Fifth Street, NW., Washington, DC 20549. Telephone: (202) 942-8090. Fax: (202) 628-9001. Email: publicinfo@sec.gov. The SEC also maintains a web site on the internet at www.sec.gov where the public can read or download public files on public companies whose securities are registered with the SEC, educational information, and investor alerts. Also, investors who believe they have been defrauded, or believe that another party has violated the federal securities laws are urged to present their complaint and/or information to the SEC for use in its enforcement and regulatory activities. SEC public actions do not necessarily result in any monetary benefits to investors. However, aggrieved investors may find the information the SEC discloses in its actions helpful in any private action they may bring to recover their losses.
Credentials/Documentation
Not applicable.
Application and Award Process
Preapplication Coordination
None. This program is excluded from coverage under E.O. 12372.
Application Procedure
Contact the Office of Investor Education and Assistance in Washington, DC, or any regional office Investor Assistance Specialist.
Award Procedure
Not applicable.
Deadlines
None.
Range of Approval/Disapproval Time
Appeals
Not applicable.
Renewals
Not applicable.
Assistance Considerations
Formula and Matching Requirements
Not applicable.
Length and Time Phasing of Assistance
Not applicable.
Post Assistance Requirements
Reports
Not applicable.
Audits
Not applicable.
Records
Not applicable.
Program Accomplishments
Investor Assistance Specialists at headquarters and in our regional and district offices handled a total of 82,337 complaints, questions, and other investor contacts during fiscal year 2002.
Financial Information
Account Identification
50-0100-0-1-376.
Obligations
(Salaries and expenses) FY 02 $487,345,100; FY 03 est $592,060,900; and FY 04 est $841,507,200.
Range and Average of Financial Assistance
Not applicable.
Regulations, Guidelines and Literature
The SEC publishes and distributes free brochures that describe in plain English how the securities industry works, how to invest wisely and avoid fraud, and where to turn for help. Recent brochures include "Variable Annuities: What You Should Know," "Certificates of Deposit: Tips for Investors," "Microcap Stock: A Guide for Investors," "Internet Fraud," "Get the Facts on Saving and Investing." All of our publications are available for free on the SEC's website at www.sec.gov/investor/pubs.shtml, through our toll-free publications line at 1-800-732-0330, or from the SEC's Publications Unit, 450 Fifth Street, NW, Washington, DC 20549- 0011.
Related Programs
36.001, Fair Competition Counseling and Investigation of Complaints.
Information Contacts
Regional or Local Office
Regional Offices: Joanne Morris, S. Junai Lewis, and Janis A. Leyden, 5670 Wilshire Boulevard, 11th Floor, Los Angeles, CA 90036-3648, (213) 965-3998; Rhonda Erickson and Lucille V. Casias, Suite 4800, 1801 California Street, Denver, CO 80202-2648, (303) 391-6821; Vivian Stephens, 175 West Jackson Blvd., Suite 900, Chicago, IL 60604, (312) 353-7390; Doreen K. Mosaphir, Suite 200, 1401 Brickell Avenue, Miami, FL 33131, (305) 982-6301; Robert L. Anthony, Sandy Sadwin, and Donna Smith, The Woolworth Building, 233 Broadway, New York, NY 10279, (646) 428-1500. District Offices: Cheryl M. Lawson, 44 Montgomery Street, Suite 1100, San Francisco, CA 94104, (415) 705-2500; Vellamaray Graham, Suite 1000, 3475 Lenox Road, NE, Atlanta, GA 30326-1232, (404) 842-7600; Pauline R. Zelkin, 73 Tremont Street, Boston, MA 02108-3912, (617) 424-5900; Barbara Ray, Suite 800, 801 Cherry Street, Fort Worth, TX 76102, (817) 978-6465; Nanci DePasquale, The Curtis Center, Suite 1005-E, Independence Square West, 601 Walnut Streets, Philadelphia, PA 19106, (215) 597-2278; Key BankTower, Suite 500, 50 South Main Street, Box 79, Salt Lake City, UT 84144-0402, (801) 524-5796.
Headquarters Office
Office of Investor Education and Assistance, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0213. Telephone: (202) 942-7040; Facsimile: (202) 942-9634. The e-mail address is help@sec.gov.
Web Site Address
Examples of Funded Projects
Not applicable.
Criteria for Selecting Proposals
Not applicable.
