Independent BDs Back SIPC Over Stanford Suit
Fallout from the Allen Stanford case is still growing. In the latest clash over whether shareholders should be protected from losses á la Bernard Madoff, the National Association of Independent Broker-Dealers has sent a letter to the SEC, that says the SIPC should not have to cover those losses.
Stanford Fraud Trial Bigger ‘Black Eye’ for SEC, FINRA Than Madoff
The Allen Stanford trial began on Monday for his alleged $7 billion Ponzi scheme that involved supposedly ‘safe’ certificates of deposit.
SEC Sues SIPC to Recover Funds in Stanford Scheme
The SEC on Monday asked a federal court to order the SIPC to initiate a liquidation proceeding for investors who were victims of the Ponzi scheme carried out by Allen Stanford.
Rep. Garrett to SEC: Wait on 'Net Equity' in Madoff Liquidation
Rep. Scott Garrett, R-N.J., told SEC Chairman Mary Schapiro in a letter on Monday to wait on final action in reconsidering the SEC’s position on 'net equity' in the Bernie Madoff case until after the GAO publishes its report evaluating the actions of the SIPC and its trustee.
Madoff 'Feeder Fund' Settlement Reached
Irving Picard, trustee for the SIPA liquidation of Bernie Madoff's firm, announced Thursday that he had reached a $1 billion settlement with Madoff 'feeder funds.'
SIPC Says It Need Not Reimburse Stanford Victims; SEC Disagrees
Dispute centers on meaning of 'theft' versus 'fraud.' SIPC to decide on next move by mid-September.