General Information

The Securities Restitution Fund was established in 2010 to enable the Indiana Secretary of State, Securities Division (“Division”) to award restitution to victims of securities law violations. The Securities Restitution Fund was the first of its kind in the nation, and is funded by civil penalties imposed by the Division for violations of the Indiana Uniform Securities Act. Victims are eligible to receive 25% of their unpaid restitution, up to a maximum of $15,000.

To be eligible for an award from the Securities Restitution Fund, a claimant must have a final order from a state court, federal court, or administrative agency which orders restitution to a victim as a result of a securities violation. For Indiana claimants, the securities violation must have occurred in Indiana or in a jurisdiction that does not offer Indiana claimants substantially similar assistance as the Securities Restitution Fund. Out-of-state claimants will only be eligible for an award from the Securities Restitution Fund if the securities violation was committed in Indiana and the jurisdiction in which the out-of-state claimant resides provides substantially similar assistance as the Securities Restitution Fund to Indiana residents who are victims of securities violations in that jurisdiction.

Requirements
  • Securities violation must have occurred after July 1, 2010.
  • Securities violation adjudicated in a state court, federal court or a regulatory agency administrative proceeding.
    • FINRA arbitration awards are not eligible for an award from the fund.
  • A final court or administrative order which includes a restitution order to the victim.
  • The claimant must submit an application for an award from the Securities Restitution Fund on the Indiana Securities Portal or via paper application submitted to the Division.
    • The application must contain copies of the Final Order, the claimant’s Photo ID, and a document that establishes proof of address.
    • The application must be received not more than 180 days after the date of the Final Order. For applications received after the 180 day period, the Division may grant extensions of time upon good cause shown by the claimant. In no event may the Division accept applications received more than two years after the date of the Final Order.
Relevant Law

Indiana Code [IC 23-20]
Amended Statement of Policy Regarding Clarification of Reimbursement Under the Securities Restitution Fund [July 10, 2015]
Statement of Policy Regarding Effective Date of the Securities Restitution Fund [June 28, 2010]
Compliance Alert: Indiana Securities Division Response to the COVID-19 Outbreak [March 24, 2020]

Helpful Resources

Indiana Securities Portal
Securities Restitution Fund Claim Application

Division Personnel

Christy Cantrell
Legal Assistant
ccantrell@sos.in.gov
317-234-3160