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New SIPC Board Members Are Leaders at The Travelers, ING and UBS WASHINGTON, Aug. 7 /PRNewswire-USNewswire/ -- Three individuals --William H. Heyman, William S. Jasien and Mark S. Shelton -- have beennominated by the President and confirmed by the U.S. Senate to serve as thenewest directors of the Securities Investor Protection Corporation (SIPC),which maintains a special reserve fund authorized by Congress to helpinvestors at failed brokerage firms. The three new SIPC directors are: William H. Heyman, vice chairman andchief investment officer (CIO), and a member of the Management Committee,of The Travelers Companies, Inc.; William S. Jasien, senior vice president,ING Financial Advisors LLC, and head of Business Development for variousdefined contribution business lines across North America; and Mark S.Shelton, managing director and general counsel, Wealth Management US, andco-global general counsel, Global Wealth Management & Business Banking,UBS. SIPC Board Chair Armando J. Bucelo, Jr., said: "We are delighted to bejoined in our work by three such outstanding new board members. They bringan unusually rich and diverse background of experience that will proveinvaluable in our work on behalf of U.S. investors. We salute theseindividuals for agreeing to find the necessary time to put forth theconsiderable effort required to perform this important public servicework." William H. Heyman is vice chairman and chief investment officer (CIO),and a member of the Management Committee, of The Travelers Companies, Inc.(NYSE: TRV), a major U.S. property and liability insurance company, and, inthat role, responsible for a portfolio of public and private investments ofover $70 billion. From August 2002 until August 2005, while it was asubsidiary of what was then called St. Paul Travelers, he was a director ofNuveen Investments, Inc. Until March 15, 2002, Heyman was chairman ofCitigroup Investments Inc., a subsidiary of Citigroup Inc., which managedmost of Citigroup's proprietary investments, and a member of the CitigroupGlobal Investment Policy Committee. From 1991 to 1993, he was director ofthe Division of Market Regulation of the U.S. Securities and ExchangeCommission in Washington, D.C. In January 2005, Heyman was elected to theBoard of Governors of the National Association of Securities Dealers(NASD), which is now known as FINRA; he is a member of the FINRA board'sexecutive and investment committees and chairman of its corporategovernance committee. Heyman lives in New York City. William S. Jasien is a senior vice president of ING Financial AdvisorsLLC, and head of Business Development for a number of defined contributionbusiness lines across North America. Previously, he held variousheadquarter positions including vice president of operations, chiefadministrative officer, and senior investment officer. Prior to joining INGin February 1993, Jasien worked for the former Bush Administration, servingin the following capacities: assistant secretary of The U.S. Treasury forFinance and Management; director of public affairs for the Oversight Boardof the Resolution Trust Corporation; and budget director the Exxon Valdezoil spill. He lives in Clifton, VA. Mark S. Shelton is managing director and general counsel, WealthManagement US, and co-global general counsel, Global Wealth Management &Business Banking, UBS. He joined UBS in May 2003 and is responsible forover 400 lawyers, compliance officers, and other professionals. The USLegal and Compliance Departments provide advice, surveillance, and trainingservices, and act as control functions, for the Wealth Managementbusinesses located in several broker-dealers, trust companies, UBS AG bankbranches, and UBS Bank USA. Before joining UBS, Shelton was a partner atWilmer, Cutler & Pickering, an international law firm based in Washington,D.C. His practice focused on broker-dealer regulation and enforcement.Before joining Wilmer, Cutler & Pickering, Shelton worked in the Office ofGeneral Counsel at the SEC and clerked on the Federal Court of Appeals forthe 8th Circuit. He lives in New York City. The three new SIPC directors replace outgoing board members Deborah D.McWhinney, Noe Hinojosa, Jr., and Thomas W. Grant. ABOUT SIPC The Securities Investor Protection Corporation is the investor's firstline of defense in the event a brokerage firm fails owing customers cashand securities that are missing from customer accounts. From the timeCongress created it in 1970 through December 2006, SIPC has advanced $505million in order to make possible the recovery of $15.7 billion in assetsfor an estimated 626,000 investors. Although not every investor isprotected by SIPC, SIPC estimates that no fewer than 99 percent of personswho are eligible have been made whole in the failed brokerage firm casesthat it has handled to date. SIPC either acts as trustee or works with an independentcourt-appointed trustee in a brokerage insolvency case to recover funds.The statute that created SIPC provides that customers of a failed brokeragefirm receive all non-negotiable securities that are already registered intheir names or in the process of being registered. At the same time, fundsfrom the SIPC reserve are available to satisfy the remaining claims of eachcustomer up to a maximum of $500,000. This figure includes a maximum of$100,000 on claims for cash.
