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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.

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    SEC approves securities arbitration fraud intervention rule

    SEC approves securities arbitration fraud intervention rule. The U.S. Securities and Exchange Commission has approved a rule that will let securities arbitrators immediately report frauds that may threaten the investing public if they learn about them in the middle of a case. The agency’s approval, published in the Federal Register on Wednesday, ends years of controversy about the proposal, which was sparked by multibillion-dollar Ponzi schemes orchestrated by Bernard Madoff and R. Allen Stanford. More on Reuters here.

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    Allen Stanford files 299-page appeal of his 110-year sentence

    WASHINGTON — Even tucked away inside a high-security federal prison in Central Florida, former Houston billionaire banker Allen Stanford is still thinking big — and flouting the rules. Stanford filed a 299-page brief last month with the 5th U.S. Circuit Court of Appeals in New Orleans, making no fewer than 15 lengthy arguments about why he should be set free. He was convicted in 2012 on 13 felony charges related to America’s second-largest Ponzi scheme ever and sentenced to 110 years in prison. More in the Dallas News here.

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    Landrieu: Stanford Ponzi Scheme Victims Deserve Justice

    WASHINGTON – Last week, U.S. Senator Mary Landrieu, D-La., wrote to U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White about her disappointment in the SEC’s decision to not appeal the Stanford Ponzi Scheme Victim’s case. Click here for the Senator’s Press Release and to read the letter on-line.

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    ALERT: New York State Residents

    NOW is the time to write Senator Schumer, thank him for his leadership and encourage him to engage his fellow Senators to join him in supporting S.1725, Restoring Main Street Investor Protection and Confidence Act. Submit your letter by clicking here.

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