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    U.S. not liable for alleged SEC negligence in Stanford fraud – court

    A federal appeals court said on Monday the United States is not liable to victims of Allen Stanford’s fraud who claimed that the Securities and Exchange Commission was incompetent for having taken too long to uncover the swindler’s $7.2 billion Ponzi scheme. A panel of the 11th U.S. Circuit Court of Appeals in Miami said the government is entitled to sovereign immunity. More on Reuters here.

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    Stanford fraud victims hope new Congress will tweak rules that have blocked compensation

    WASHINGTON — As Congress returns to a radically realigned Washington this week, most lawmakers’ attention will be glued to energy, immigration and spending bills as the new Republican-led majority asserts itself. But behind the headlines, many victims of Allen Stanford’s massive Ponzi scheme will be looking for help, too. They want Congress to rewrite the rules for a large, government-created insurance fund that has yet to pay them a penny. About 20,000 investors worldwide lost $5.5 billion in capital when federal authorities halted Stanford’s scheme in 2009. But first, they’ll have to persuade the Dallas congressman whose voice against their proposal probably counts most in the Capitol. More in the Dallas Morning News here.

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    Stanford investors ride court-rulings rollercoaster

    Sometimes the federal judiciary rules in favor of small investors who lose their savings to slick promoters like Robert Allen Stanford, of Houston, Texas. On other occasions, federal judges can crush those same investors. That was the roller coaster ride federal courts provided in 2014 for about 1,000 Louisiana residents and more than 20,000 people in other states and countries. By year’s end, those towering ascents and stomach-churning plunges left diminished hope of recovering much of the $5.5 billion to $7 billion estimated to have been swindled from people who placed their savings with Stanford Group Co. That firm and its sister companies were shut down by federal regulators in February 2009. More in The Advocate here.

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    Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

    Texan Allen Stanford first appeared on the radars of financial regulators in 1997. Julie Preuitt, then a branch chief in the SEC’s Fort Worth Broker-Dealer Examination group, was becoming “very concerned” about the “extraordinary revenue” Stanford claimed to me making in his investment fund. It took authorities more than 12 years until Stanford was charged with a crime.Texan Allen Stanford first appeared on the radars of financial regulators in 1997. Julie Preuitt, then a branch chief in the SEC’s Fort Worth Broker-Dealer Examination group, was becoming “very concerned” about the “extraordinary revenue” Stanford claimed to me making in his investment fund. It took authorities more than 12 years until Stanford was charged with a crime. More in FinAlternatives here.

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    Pershing Wins Arbitration Ruling Over Stanford Ponzi-Scheme Losses

    Pershing LLC isn’t liable for $80 million in investor losses stemming from Allen Stanford’s $7 billion Ponzi scheme, an arbitration panel has ruled. The 85 mostly older investors had invested their retirement savings in certificates of deposits offered through Stanford’s firm, but lost their investments when the Ponzi scheme—one of the largest in U.S. history—collapsed in 2009. The investors charged that Pershing, a unit of the Bank of New York Mellon Corp. which administers more than $1 trillion in assets, should have known Stanford’s business was a fraud, according to the arbitration claim filed with the Financial Industry Regulatory Authority. More in the Wall Street Journal here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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