What steps are to be taken when a Medallion Signature Guarantee was obtained fraudulently and stocks were transferred as a result?
The party that suffered the loss, presumably the owner of the shares, would have to contact the transfer agent for the company that issued them. The transfer agent would guide the owner in completing whatever paperwork would be required to file a claim.
The transfer agent, and perhaps the company that issued the stock, then have to make a claim against the institution whose Medallion Guarantee was placed on the securities, and they in turn would look to the insurance company that backs up the Medallion Guarantee program. The insurance company then attempts to go after whoever committed the fraud. The person who owned the shares would have to start with the stock transfer agent.
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The party that suffered the loss, presumably the owner of the shares, would have to contact the transfer agent for the company that issued them. The transfer agent would guide the owner in completing whatever paperwork would be required to file a claim. 