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Friday, June 17, 2011

Press Release from the Office of Gaytri Kachroo

Here is the latest information from the office of Gaytri Kachroo with regard to the news concerning SIPC. It is worth remembering that Kachroo Legal Services are the only attorneys that have SIPC experience – of any of the attorneys out there – because of their vast experience in the Madoff case.

I would urge all victims to make contact with Kachroo Legal Services to establish whether or not you may be eligible for coverage under this latest proposal Ms Kachroo and her staff will be able to help you and answer your questions. WE have a new fight on our hands now because the remaining victims who are not eligible under this new proposal now have to make sure that either SIPC is restricted to only being allowed access to SGC assets to recover advance (and there are no assets in SGC) or, if SIPC are determined to go after everything including the land in Antigua, money in Switzerland and the UK (and from what I am hearing this is going to be their strategy), then each and every victim has to be included under SIPC.

My own opinion is that the American Committee will be giving themselves a pat on the back and congratulating themselves on a job well done. From my own standpoint as the proposal stands at the moment they have sold most of us down the river and it will cost the majority of victims dearly. The next step is pushing for coverage for all victims and with this in mind the first thing you need to determine is if you are going to be eligible for SIPC. We then have to start protecting all of our assets except SGC and making sure that SIPC does not take what little we have.

As with our registration of interest against the SEC, we need the help and support of Gaytri to make sure SIPC either includes all victims in this latest proposal or they are restricted to only being able to claim against SGC. This is going to be a tough battle to have us all included, and we all need to be united in this.

Regards, Kate.

Here is a part-copy of the latest from KLS:

Dear KLS Stanford Client:

The SEC determination on the SIPC issue was released yesterday. SIPC coverage was determined to apply to all SGC customers!!!

We believe that the SVC has in large part played a key role in this positive outcome and we are very pleased that many of you will have full or partial recovery of the amounts you have deposited (less any withdrawals of income or principal from those deposits). Please note we sent our letter to the Chairman this week in support of SIPC coverage. We have also made our support known through several meetings in the past few weeks to those in positions of power over this outcome. Senator Vitter's ultimatum in the 11th hour to hold up Commission nominations until this determination was successful obviously helped to push this determination through! He has now dropped this roadblock. As you may know, I met with Sen. Vitter's office two weeks ago.

Eligibility: Many of you are up in the air about eligibility and the process given your connection through advisors with SGC, or STC. We will determine and push for your eligibility, as well as complete the claim forms for you so that you receive appropriate payment in a timely manner - for those who have signed up for Stanford Further Actions (SFA) and for those who continue to do so. Please note that SIPC will recover these monies from the liquidation in Antigua and Texas. KLS will play a key role in the recovery of assets in those jurisdictions and will keep you informed as part of the SFA package for which you have signed up.

1 comment:

  1. Was it fair for Dr. Kachroo to be involved in the process to get SIPC for the minority of her clients? What about the many others who she apparently worked against?