Hosemann: Stanford shows need for reform

For some victims, the losses have caused many retirees to return to work and others to seek public assistance.

In October, Hosemann and other secretaries of state held a hearing at the state Capitol on Stanford’s alleged schemes.

Now he’s forwarding those recommendations to state officials and the the National Association of Secretaries of State. NASS meets in January and will consider adopting the report as the organization’s official position.

Stanford and other company executives have been accused of stealing more than $7 billion from investors by selling fake certificates of deposits.