Tag Archives: David Kotz

Canadian lawyer sues U.S. government over Allen Stanford ponzi scheme

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 […]

Insight: How Allen Stanford kept the SEC at bay

By Murray Waas For twenty years, R. Allen Stanford allegedly had run a $7 billion Ponzi scheme from his offshore bank on the Caribbean island of Antigua. U.S. authorities had been nosing around Stanford’s empire for longer than a decade but hesitated to open a full-blown probe. As Stanford’s trial began this week, one question […]

SEC could owe millions over lease deal

By: Sarah N. Lynch * SEC in legal dispute with building owner * Agency signed lease, then Congress did not provide funds * Kotz calls for disciplinary action against employees * SEC says it is working to fix the problems * Rep. Neugebauer says SEC should be ashamed WASHINGTON, May 24 (Reuters) – The U.S. […]

Former S.E.C. Official Said to Be Subject of Criminal Inquiry

By EDWARD WYATT WASHINGTON — A former Securities and Exchange Commission enforcement official who has been accused of repeatedly blocking efforts to investigate R. Allen Stanford, the Houston financier charged with running a $7 billion Ponzi scheme, is the subject of a federal criminal inquiry for having done legal work for Mr. Stanford after leaving […]

SEC Officials: Units Collaborating Better After Stanford Fraud

By Jessica Holzer WASHINGTON -(Dow Jones)- The Securities and Exchange Commission’s investigation and examination units are now coordinating more closely on cases after the regulator ignored claims that now-jailed money manager R. Allen Stanford was running a $7 billion Ponzi scheme, top SEC officials will testify in a hearing Friday. The improved collaboration “has resulted […]

SEC to Release Finding on Stanford Clients’ SIPC Eligibility

By Joshua Gallu The U.S. Securities and Exchange Commission, faulted for missing R. Allen Stanford’s alleged $7 billion fraud, said it will decide “in the near future” whether victims should receive federal insurance payments. The SEC has devoted “substantial time and effort” to determine whether the Securities Investor Protection Corp. erred in denying investors coverage, […]

SEC Eyed for Negligence in Enforcement Cases

By Rachelle Younglai A federal watchdog is investigating whether a senior Securities and Exchange Commission official bungled an examination associated with a “major” investment adviser enforcement case in 2009. The senior official at one of the SEC’s regional offices allegedly told staffers not to pursue certain red flags in an investment adviser examination, according to […]