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Brokerage Accounts (SIPC)
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The Securities Investor Protection Corporation (SIPC) either acts as trustee in a missing asset case to recover funds. Customers of a failed brokerage firm receive all non-negotiable securities that are registered in their names. All other so-called "street name" securities are distributed on a pro rata basis. 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.
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Added: Sat Jun 10 2006
