Tag Archives: Stanford Financial Group

$83.5M Suit Says Willis Group Aided Stanford Fraud

By Law360 A group of holders of Stanford Financial Group CD accounts claims that Willis Group Holdings Public Limited Co. helped perpetuate Robert Allen Stanford’s $7 billion Ponzi scheme, according to an $83.5 million class action removed from Florida state court Monday. The plaintiffs, 64 citizens of El Salvador, Nicaragua, Panama, the United States and […]

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 […]

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 […]

Allen Stanford Told to Disgorge $6.7 Billion in SEC Case

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 […]

SEC Order Against Stanford

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 […]

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 […]

Cassidy, Deutch Introduce Improving SIPC Act of 2013

By Dr. Bill Cassidy WASHINGTON, D.C. – This week, Congressman Bill Cassidy, M.D. (R-LA) and Congressman Ted Deutch (D-FL) re-introduced the Improving Security for Investors and Providing Closure Act, or Improving SIPC Act of 2013. The legislation would provide victims of Ponzi schemes a quicker path to financial restitution, including those harmed by R. Allen […]