Washington, D.C., June 21, 2004 – LAWFUEL – On June 17, 2004, the Securities and Exchange Commission cancelled the registrations of two broker-dealers – Nationwide Securities Corporation and Global Strategies Group, Inc. – that are former members of the Securities Investor Protection Corporation (SIPC).
● Nationwide Securities Corporation (Nationwide) – Nationwide was a registered broker-dealer that operated primarily from offices in Texas, New York, New Jersey, and Florida.
● Global Strategies Group, Inc. (Global) – Global was a registered broker-dealer that operated from offices in San Francisco, California, and New York, N.Y.
SIPC takes the position that it loses its power under the Securities Investor Protection Act of 1970 (SIPA) to protect customers of SIPC members 180 days after a SIPC member’s registration with the SEC is cancelled. Therefore, any person who believes he or she is still owed cash and/or securities from either Nationwide or Global should contact SIPC immediately to allow SIPC the opportunity to determine whether it should initiate a liquidation proceeding under SIPA with respect to either firm. If either broker-dealer is placed in a SIPA liquidation proceeding, persons who had securities accounts at the broker-dealer will be notified of the proceeding and receive instructions on how to file formal written claims with respect to their securities accounts. A formal written claim should be filed after the initiation of any SIPA proceeding, and within the time period specified in the instructions, even if a person previously contacted SIPC about their potential claim in response to this release.