By Tom Korosec & Andrew Harris A plan by a court-appointed receiver to distribute assets recovered from R. Allen Stanford’s Ponzi scheme to investors was approved by a federal judge in Dallas.U.S. District Judge David C. Godbey accepted the plan by Ralph Janvey, the receiver appointed in 2009 to marshal and liquidate Stanford’s personal and […]

By Michael L. Post In its opening brief, the Securities and Exchange Commission established that the district court erred both in incorrectly applying a preponderance standard of proof in this preliminary, summary proceeding and in applying an unduly narrow construction of the statutory term “customer” to preclude the possibility of coverage under the Securities Investor […]

By U.S. Receiver Ralph Janvey As part of the Receiver’s efforts to recover assets for the Receivership Estate, the Receiver analyzed political contributions made by Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, R. Allen Stanford, James M. Davis and Laura Pendergest-Holt and certain entities they own or control. As a result […]

By Drew Hasselback Investors lost billions in the ponzi scheme orchestrated by Texas tycoon Allen Stanford, and now a Canadian lawyer believes he has an innovative legal strategy to recover funds for victims of the fraud who reside outside the United States. Todd Weiler, who specializes in international law, believes that “unconscionable negligence and/or manifest […]

By Andrew Harris R. Allen Stanford, the Texas financier convicted last year of leading an investment fraud scheme, was ordered to disgorge more than $6.7 billion by the judge in a U.S. Securities and Exchange Commission lawsuit. U.S. District Judge David Godbey in Dallas issued the order yesterday against Stanford, his Stanford Group Co. and […]

By U.S. District Judge David C. Godbey Securities and Exchange Commission, Plaintiff, vs. Stanford International Bank LTD., et al. Defendants. Civil Action No. 3:09-CV-0298-N This Order addresses Plaintiff Security and Exchange Commission’s (“SEC”) motion for partial summary judgment [1779]. The Court grants the motion. The Court also denies Defendant R. Allen Stanford’s motion for extension […]

By BILL LODGE A Louisiana senator told officials of the Securities and Exchange Commission Friday that he wants immediate release of a year-old report by the commission’s inspector general on efforts to recover money for victims of a multibillion-dollar fraud. U.S. Sen. David Vitter, R-La., described as incompetent efforts by a court-appointed receiver to find […]

By Counsel for Appellee SIPC The Securities Investor Protection Corp. asked the D.C. Circuit on Monday to affirm a landmark district court ruling declaring it doesn’t owe compensation to victims of Robert Allen Stanford’s $7 billion Ponzi scheme, suggesting the U.S. Securities and Exchange Commission succumbed to political pressure in bringing the suit. The SIPC […]

By Ailis Aaron Wolf Madoff Trustee’s Third Distribution Sends Approximately $506.2 Million to Customers With Allowed Claims. With the distribution of approximately $506.2 million to victims in the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), a total of $5.44 billion will now have been distributed to BLMIS customers with allowed claims. The Securities […]

By KACHROO LEGAL SERVICES, P.C. In our last update, we notified you that the magistrate judge in our SEC class action denied the Government’s request to stay all discovery. We are summarizing here the outcome of the discovery hearing which was held in Miami on February 14, 2013. One of the key hurdles to overcome […]