Monthly Archives: June 2011

Compensating Stanford’s Investors

The Securities and Exchange Commission froze the assets of R. Allen Stanford’s financial empire almost two years ago. But authorities are still figuring out whether investors can get compensated for some of their losses. The S.E.C. is pushing for investors who bought more than $7.2 billion in allegedly bogus certificates of deposit from Mr. Stanford’s […]

Securities: SEC concludes Stanford is guilty

Sir Allen Stanford has not been convicted of any offence. Nor have any regulatory proceedings been concluded against him. Yet the USA’s Securities and Exchange Commission has decided that he ran a Ponzi scheme and that “investors” are entitled to certain statutory protections. A statement issued by the SEC on 15th June says “The Securities […]

SIPC ISSUES WARNING ON “PHISHING” SCAM TARGETING INVESTMENT SCAM VICTIMS

The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms, issued a warning today to consumers who are contacted by individuals falsely claiming to represent SIPC when asking for personal information or payments in order to return funds lost in investment scams. […]

SEC Concludes That Certain Stanford Ponzi Scheme Investors Are Entitled to Protections of SIPA

Washington, D.C. The Securities and Exchange Commission today concluded that certain individuals who invested money through the Stanford Group Company – a U.S. broker-dealer owned and used by Allen Stanford to perpetrate a massive Ponzi scheme – are entitled to the protections of the Securities Investor Protection Act of 1970 (SIPA). In exercising its discretionary […]

Block SEC Nominees Until Stanford Victims Get Answers

(Washington, D.C.) – U.S. Sen. David Vitter today announced that he will block the nominations of two Securities and Exchange Commission members until the SEC responds to a request by victims of the alleged Stanford Group Co. Ponzi scheme who are seeking to receive Securities Investor Protection Corporation coverage for their losses. “Unfortunately, the SEC […]

HSBC Agrees to Pay $62.5 Million to Settle U.S. Class-Action Madoff Suit

By Erik Larson and Linda Sandler HSBC Holdings Plc (HSBA), Europe’s biggest bank, agreed to pay $62.5 million to settle a group lawsuit in New York, filed by investors in a fund that lost money in Bernard Madoff’s fraud while the bank acted as custodian. The accord, which needs court approval, applies to a class- […]

How the SEC really treats “Whistleblowers” – Second Part

By WikiLeaks-Stanford I (Charles W. Rawl) feel that I am left with no ethical or practical alternative but to resign given the serious nature of these issues and their cumulative adverse effect on our clients. The reasons, which are not intended to be exhaustive, include the following: 1) The firm’s decision that the Trust Company, […]