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    Chadbourne Ruling Lets Madoff Investors Add State Claims

    A group of investors burned by Bernard Madoff’s Ponzi scheme were given a green light Monday to add state-law claims to their class action in New York federal court, marking one of the first applications of a recent U.S. Supreme Court decision that clarified when such suits aren’t barred under the Securities Litigation Uniform Standards Act. U.S. District Judge Thomas P. Griesa also raised the possibility that accounting firm KPMG LLP could be reinstated as a defendant in the longstanding suit against Tremont Group Holdings Inc. The investors’ suit, which is part of a multidistrict litigation by alleged Ponzi scheme victims, accuses the Rye, N.Y., hedge fund of misrepresenting how and to what extent it was placing investor funds into Madoff’s hands. The bulk of Judge Griesa’s 10-page opinion was keyed off of the Supreme Court’s February ruling in Chadbourne & Parke LLP v. Troice, which exposed law firms to claims made by victims of convicted Ponzi schemer R. Allan Stanford. More on Law360 here.

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    SEC Clears Appeal on R. Allen Stanford Fraud

    Victims of a $7 billion Ponzi scheme failed to show that federal regulators dropped the ball in not catching R. Allen Stanford earlier, the 5th Circuit ruled. Investors in the Stanford International Bank Ltd. sued the Securities and Exchange Commission two years ago in Baton Rouge, La., under the Federal Tort Claims Act. More on Court House News Service here.

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    Claw Backs Sought From 329 Brokers Who Worked For Ponzi Schemer

    The court-appointed receiver for the defunct Stanford Financial Group has asked the U.S. Supreme Court for help in clawing back money from brokers who worked at the firm. The receiver, Ralph Janvey, has been pursuing 329 former Stanford Financial brokers for a total of $215 million in commissions and recruitment bonuses that the brokers got from Stanford Financial. More in Financial Advisor Magazine here.

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    It’s A Scandal That Early On Fraudsters Bernie Madoff And Robert Allen Stanford Were Not Shut Down By The SEC

    Believe it or not, Bernie Madoff’s phony monthly trading reports listed trades on days the market was closed, or at prices that were far off the market, or in volumes that simply never existed. Yet Madoff’s scam continued for 36 years, from 1972 until 2008, as the SEC was incapable of discovering the truth, and Madoff’s clients never read their phoney monthly statements, since through bull and bear markets Madoff always turned in profits that were not real. And shocking as it may seem, the SEC knew that Robert Allen Stanford was a fraud early on in 1998, but chose not to prosecute as the securities he sold were short term notes of a foreign bank supposedly yielding 12% and were not shares of stock registered in the U.S. Imagine the stupidity of that pusillanimous decision. What a bunch of wimps! More on Forbes here.

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    Where is the Stanford Ponzi loot? This is the man who knows

    Victims of the massive Allen Stanford Ponzi scheme got a rare bit of good news Thursday. Some $18 million in Stanford funds that had been parked in Canada was returned to the U.S. for distribution to investors. But the payment is tiny in comparison to the $5 billion in actual losses from the scam, and the court-appointed receiver who has spent the past five years searching for Stanford’s billions tells CNBC it is unlikely investors will ever recover much because for the most part, “the money is gone.” More on CNBC here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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