Tag Archives: Madoff

SEC Can’t Force Help For Stanford Victims, DC Circ. Told

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 […]

SEC MOTION TO INTERVENE AND TO SUSPEND THE MEMORANDUM OPINION AND ORDER OF JULY 3, 2012

By Matthew T. Martens Applicant U.S. Securities and Exchange Commission (“SEC” or “Commission”) respectfully submits this memorandum of law in response to Robert Cheatham’s Motion To Intervene and To Suspend the Memorandum Opinion and Order of July 3, 2012 (“Motion To Intervene”). Mr. Cheatham contends that he may intervene as of right in this proceeding […]

Stanford Officer to Plead Guilty

By VANESSA O’CONNELL Stanford Financial Group’s top investment executive, Laura Pendergest-Holt, is expected to plead guilty to obstruction of justice Thursday for her alleged role in a $7 billion Ponzi scheme that was among the largest frauds in U.S. history, a person familiar with the case said. A spokeswoman for the Justice Department declined comment. […]

Vitter Testifies at House Hearing, Continues to call for SIPC to Compensate Stanford Victims

For Immediate Release (Washington, D.C.) – U.S. Sen. David Vitter today was invited to testify at the U.S. House Committee on Financial Services, Subcommittee on Capital Markets about some of the ongoing problems at the Securities Investor Protection Corporation (SIPC). Vitter testified about SIPC’s refusal thus far to compensate the victims of the Allen Stanford […]

Stanford Told Investors “Lie After Lie” and now he is trying to “game the system”

Stanford’s lawyer told the panel that the CDs sold by the Stanford bank weren’t securities and that Stanford’s clients had no say over how their money was invested. Robert Scardino, one of Stanford’s court-appointed lawyers called those CD purchasers “sophisticated investors” whom he said “know what a CD was and what it wasn’t.” They also […]

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 […]

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 […]