Las víctimas olvidadas de Stanford ahora disponible en español

Las víctimas olvidadas de Stanford, ahora disponible en español en:

http://victimasolvidadasdestanford.blogspot.com/

Saturday, July 19, 2014

Stanford's Ponzi victims cannot file compensation claims - U.S. court

A U.S. appeals court dealt a blow to the victims of financier Allen Stanford's Ponzi scheme on Friday, ruling that they were not eligible under federal law to file claims seeking compensation for their losses.

 The decision by the U.S. Court of Appeals for the District of Columbia Circuit also marks a major loss for the Securities and Exchange Commission.

 The SEC was seeking to overturn a lower court's decision from 2012, in which a federal judge rejected a request by the agency to force the Securities Investor Protection Corp (SIPC) to start court proceedings for the fraud victims, some of whom lost millions of dollars.

 "In declining to grant the SEC's requested relief, the district court expressed that it was 'truly sympathetic to the plight' of the victims," wrote Judge Sri Srinivasan in the unanimous opinion.

 We fully agree. But we also agree with the district court's conclusion ...," Srinivasan wrote.

 SEC spokesman John Nester said the agency was reviewing the decision.

 The agency has 45 days to decide whether to appeal it, either by seeking a re-hearing before the appeals court or by filing a petition with the U.S. Supreme Court.

 Allen Stanford was convicted of fraud and sentenced in June 2012 to 110 years in prison for bilking investors with fraudulent certificates of deposit issued by Stanford International Bank, his bank in Antigua. Angela Shaw Kogutt, the founder of the Stanford Victims Coalition, told Reuters Friday that the victims were not giving up.

 "We will continue to pursue all options available to the victims," she said, adding that her group is weighing legal action against SIPC, and will pressure the SEC to continue fighting.

 The case marks the first time that the SEC, which oversees the SIPC, has filed a lawsuit against the nonprofit corporation to try and force it to start a court liquidation proceeding.

 The SIPC, created by Congress, administers an industry-backed fund that is used to help compensate investors if their brokerage collapses.

 In a brokerage liquidation, a trustee winds down the business and returns securities and other assets to customers and creditors.

 Over the years, SIPC has handled high-profile liquidations, including Bernard Madoff's Ponzi scheme.

 But in the case of the Stanford victims, SIPC has said these investors did not qualify as "customers" under the law.

 The law, SIPC argued, limits it to protecting customers against the loss of missing cash or securities in the custody of failing or insolvent SIPC-member brokerage firms.

 While Stanford's Texas-based brokerage Stanford Group Company was a SIPC member, its offshore bank was not. SIPC also said it was not chartered by Congress to combat fraud or guarantee an investment's value.

 In a statement, SIPC President Stephen Harbeck said he appreciated "the considerable time" the court devoted to the case, and said SIPC has the "deepest sympathy" for the victims.

 Louisiana Republican Senator David Vitter said Friday he will urge SEC to appeal, and called again on President Barack Obama to nominate fresh faces to serve on the SIPC board.

 "The previous chairs of the board were only interested in protecting Wall Street," he said.

To view the ruling in SEC v. SIPC appeal click here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/



Monday, July 14, 2014

Cassidy Advocates for Stanford Victims, Urges Obama to Reform SIPC

Once again an American senator fails to recognise the largest group of victims are NOT Americans but International victims who lost their life savings and should be treated on an equal basis. This fraud was perpetrated by an AMERICAN and allowed to escalate by an American governing body the SEC who failed to protect investors regardless of Nationally. 

Rep Sen Bill Cassidy joined with House Members from across the country to urge the President Barack Obama to nominate individuals to the Securities Investor Protection Corporation Board of Directors who will advocate for investors, not Wall Street.

 SIPC has withheld money from the victims of the Stanford Ponzi Scheme, who has been paid a tiny fraction of their losses. Restoring Americans' confidence to invest and protecting Stanford victims has and will continue to be a top priority.

 “Victims of the Stanford Ponzi Scheme have lost faith in the SIPC. Thousands of Americans lost their financial livelihoods. When they looked to the SIPC for support, they received little to none. President Obama should use this opportunity to appoint board members who will protect investors, not special interest groups. Restoring Americans’ confidence to invest and protecting Stanford victims has and will continue to be a priority.”

To join the debate click here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/



Saturday, July 12, 2014

US lawmakers seek new SIPC directors, help for Allen Stanford victims

A bipartisan group of U.S. lawmakers is urging President Barack Obama to nominate directors to an industry-backed organization who will help the victims in Allen Stanford's $7 billion scheme try to recover some of their losses.
In a letter from 10 members in the House of Representatives and a separate letter from a Republican senator, the lawmakers said they believe the Securities Investor Protection Corp (SIPC) needs a cultural overhaul that will put investors' interests first.
"We encourage you to take this opportunity to advance nominees that prioritize protecting investors over the bottom line of Wall Street," wrote 10 Republican and Democratic House lawmakers.
"The victims of the Stanford Ponzi scheme cannot afford to continue with the status quo. New perspectives are required in the SIPC to protect the interests of these victims moving forward."
SIPC President Stephen Harbeck said his organization will determine what response it will make early next week.
The SIPC is a corporate non-profit that administers a fund paid for by Wall Street to compensate investors if a brokerage firm collapses.
It is currently locked in a legal battle with the U.S. Securities and Exchange Commission over whether Stanford's investors are eligible under federal law to file claims for compensation.
In an unprecedented case, the SEC decided to take legal action against the fund and force SIPC to start court proceedings for victims to file claims.
The SEC lost the battle in 2012, when a U.S. district court agreed with SIPC that Stanford's investors did not meet the legal definition of "customer" and were not entitled to seek compensation.
The SEC appealed and made its case before the U.S. Court of Appeals for the District of Columbia in October last year. A ruling has not been issued.
Stanford is serving a 110-year prison after being convicted in 2012 of bilking investors with fraudulent certificates of deposit issued by his Antiguan-based Stanford International Bank.
Although the case dates back to 2009, the plight of investors is still reverberating on Capitol Hill.
Many of the lawmakers who are upset about the issue have victims who reside in their state or district.
Moreover, five directors on SIPC's seven-member board must be appointed by the president and confirmed by the U.S. Senate.
Currently there are four open SIPC positions, including one that became vacant after the recent departure of SIPC Acting Chair Sharon Bowen. She left to become a commissioner at the Commodity Futures Trading Commission.
Bowen was confirmed in a narrow 48-46 vote, with many lawmakers voting against her because of concerns over how SIPC has handled the Stanford matter.
Louisiana Republican Senator David Vitter, who also sent a letter to Obama on Friday, said the new head of SIPC must not come from the industry and should be pro-investor.

He also chastised SIPC, saying it has spent $3.3 million to fight the SEC. (Reporting by Sarah N. Lynch; Editing by Jonathan Oatis)

To join the debate click here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/



Thursday, July 3, 2014

Court Approves Receiver's 2nd Interim Distribution Plan

Court Approves Receiver's 2nd Interim Distribution Plan - On July 2, 2014, the Court approved the Receiver's 2nd Interim Distribution Plan.

A copy of the order approving the 2nd Interim Distribution Plan may be found here:

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/