Monthly Archives: December 2011

KLS complaint against the U.S. Government/SEC

By Dr. Gaytri D. Kachroo Ft. Lauderdale, FLA – A class action lawsuit was filed against the United States on December 13, 2011, for the billions in losses suffered by investors in the Allen Stanford international Ponzi scheme. The case, filed in the United States District Court for the Southern District of Florida seeks to hold the […]

Grant Thornton Letter to Senators Vitter, Shelby, Cochran, and Wicker

By Marcus A. Wide Dear Sirs, Re: Senate Resolution 346 Re: Stanford International Bank Limited in Liquidation I am writing in response to your recent introduction of Senate Resolution 346 which takes exception to certain alleged actions by the Government of Antigua and Barbuda (GoAB) related to the fraud perpetrated by Robert Allen Stanford and […]

Madoff’s case bigger, but Stanford’s messier

By Loren Steffy From the beginning, the collapse of R. Allen Stanford’s financial empire was unlike other financial scandals, and the aftermath of his alleged $7 billion fraud has been messier than normal for investors in such cases. Bernard Madoff, after all, orchestrated a Ponzi scheme almost 10 times bigger than the one Stanford is […]

SEC sues insurance fund in Stanford case

By Loren Steffy The Securities and Exchange Commission, in an unprecedented move, sued a national brokerage insurance fund to force it to cover potential investor losses from R. Allen Stanford’s alleged $7.2 billion Ponzi scheme. The lawsuit, filed in federal court in Washington, would require the Securities Investor Protection Corp., or SIPC, to begin a […]

Stanford’s donations still stain lawmakers’ hands

By Loren Steffy In the battle over insurance coverage for investors who lost money in the collapse of Stanford Financial’s U.S. brokerage, it’s difficult to know who’s on investors’ side. Recently, 27 lawmakers sent a letter to the Securities Investor Protection Corp., which is funded by the brokerage industry and overseen by the government, demanding […]

SIPC Rebuffs Stanford Investors Demands to Cover Losses

By Scott Cohn The agency that insures U.S. brokerage accounts has again rebuffed demands it provide coverage to investors in Allen Stanford’s alleged $7 billion Ponzi scheme, making it increasingly likely the issue is headed to court. In a December 2 letter to members of Congress, obtained by CNBC, the head of the Securities Investor […]

US-Committee in opposition to Grant Thornton

By the US-Committee The Official Stanford Investors Committee (the “Investors Committee”) submits this brief in opposition to the Petition for Recognition of Foreign Main Proceeding Pursuant to Chapter 15 of Bankruptcy Code (the “Petition”). The Petition was originally filed by former liquidators, Nigel Hamilton-Smith and Peter Wastell, and is now championed by Marcus Wide and […]