Tag Archives: Securities Investor Protection Corporation

INITIAL REPLY BRIEF OF THE SECURITIES AND EXCHANGE COMMISSION, APPELLANT

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 […]

SIPC: $5.44 BILLION NOW DISTRIBUTED TO MADOFF VICTIMS

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 […]

ORDER GRANTING IN PART AND DENYING IN PART DEFENDANT’S MOTION TO DISMISS

By Dr. Gaytri D. Kachroo THIS MATTER is before the Court on the Defendant’s Motion to Dismiss the Complaint pursuant to Federal Rule of Civil Procedure 12(b)(1) (ECF No. 12). For the reasons explained in this Order, the Motion to Dismiss is granted in part and denied in part. A. The Plaintiffs Have Adequately Alleged That The […]

MEMORANDUM OPINION AND ORDER, SEC v. SIPC

By U.S. District Judge ROBERT L. WILKINS The Court is truly sympathetic to the plight of the SGC clients who purchased the SIBL CDs and now find themselves searching desperately for relief. Robert Allen Stanford’s 110 year sentence may bring some measure of justice to the SGC clients, but it will not make them financially […]

Opposition to the USA’s motion to dismiss the complaint

By Dr. Gaytri D. Kachroo Plaintiffs hereby oppose the United States of America’s Motion to Dismiss the Complaint (the “Motion”). This Court has subject matter jurisdiction over this action because the government fails to demonstrate that the discretionary function exception shields from liability the Securities and Exchange Commission’s (“SEC”) negligent failure to follow statutorily prescribed […]

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 […]

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 […]