Background
The Vermont Financial Services Education and Victim Restitution Special Fund (the “Victim Restitution Fund”) was established by 9 V.S.A. § 5616 in 2019 to allow the Commissioner to provide restitution assistance to eligible victims of securities violations in Vermont.
The fund is financed by civil penalties imposed by the department for violations of the Vermont Securities Act. Victims are eligible to receive 25% of their unpaid restitution, up to a maximum of $25,000, or 50% of their unpaid restitution, up to a maximum of $50,000, if they are at least 60 years old or otherwise meet the definition of “vulnerable person” under Vermont law.
Requirements
Securities restitution assistance available from the Fund is only for securities violations occurring on or after July 1, 2019.
A final order shall have been issued, either by the Commissioner or in a legal action initiated by the Commissioner, which includes restitution to the victim, and the claimant shall have exhausted their appeal rights.
Claimants shall submit a written application on a form prescribed by the Commissioner and shall include with the written application the following documentation: a copy of the court or administrative order awarding restitution to the victim; a copy of the claimant’s driver’s license or government issued photo identification; a copy of one or more documents connecting the victim to the reported address (e.g. utility bill, W-2, voided check, etc.); and a completed Form W-9.
An application must be received by the Commissioner within two years after the deadline for payment of restitution established in the final order.
Please contact the securities division at 802-828-3420 or via email dfr.securitiesinfo@vermont.gov to obtain additional instructions.
Relevant Law
9 V.S.A. § 5616(e), (j)
Vermont Regulation S-2016-01