In a likely unprecedented move, the Securities and
Exchange Commission ("SEC") filed
a lawsuit against the Securities Investor Protection Corporation
("SIPC") as the culmination of a six-month effort to force SIPC to
compensate victims of R. Allen Stanford's $7 billion Ponzi...
The Madoff and Stanford debacles seems to never fade away
for the Commission. Madoff of course is in prison but the litigation goes on.
The failures of the Commission and others such as FINRA continue to linger. The
Stanford case appears to be finally heading for trial. Again however the memory
The SEC partially prevailed in a proceeding brought
against the Securities Investor Protection Corporation or SIPC. The Court
agreed with the Commission that the appropriate manner in which to seek an
order compelling SIPC to file an application for a protective decree is by a
HOUSTON - (Mealey's)
The federal judge in Texas
overseeing the criminal case of convicted Ponzi scheme mastermind R. Allen
Stanford sentenced Stanford to 110 years in federal prison on June 14 ( United
States of America v. Robert Allen Stanford , No. 09-342, S.D. Texas; See
March 2012, Page...
"Stanford received land transfers with government
assistance [in return], operated Antigua's airport, built the national library,
sponsored the country's cricket tournament, and improperly 'loaned' the
government tens of millions of dollars of the CD investors' money for