HSBC will pay $1.9 billion for money laundering
December 11, 2012
By Kevin McCoy
British banking giant HSBC agreed to pay a record $1.92 billion settlement Tuesday after a broad investigation by U.S. federal and state authorities found the bank violated federal laws by laundering money from Mexican drug trafficking and processing banned transactions on behalf of Iran, Libya, Sudan and Burma... Read more!
Judge approves Stanford class action lawsuit
December 7, 2012
By BILL LODGE
A civil suit by 86 defrauded investors was certified by a Baton Rouge judge Wednesday as a class action against Louisiana's regulator of financial institutions and a Pennsylvania company that compiled customer financial statements on behalf of convicted swindler Robert Allen Stanford... Read more!
Allen Stanford receiver sues Greenberg Traurig, Hunton & Williams and YOLANDA SUAREZ
November 16, 2012
By Terry Baynes
A representative for the victims of Allen Stanford's estimated $7 billion Ponzi scheme is suing two law firms he says helped the now-convicted swindler perpetrate his fraud... Read more!
ORDER GRANTING IN PART AND DENYING IN PART DEFENDANT'S MOTION TO DISMISS
September 7, 2012
By Dr. Gaytri D. Kachroo
THIS MATTER is before the Court on the Defendant's Motion to Dismiss the Complaint pursuant to Federal Rule of Civil Procedure 12(b)(1) (ECF No. 12). For the reasons explained in this Order, the Motion to Dismiss is granted in part and denied in part... Read more!
How Wall Street Made A Muppet Of The SEC, Mary Schapiro And Dodd Frank
September 5, 2012
By Tyler Durden
That the SEC is the most incompetent, corrupt, irrelevant and captured organization "serving" the US public is known by everyone... Read more!
SEC MOTION TO INTERVENE AND TO SUSPEND THE MEMORANDUM OPINION AND ORDER OF JULY 3, 2012
August 22, 2012
By Matthew T. Martens
Applicant U.S. Securities and Exchange Commission respectfully submits this memorandum of law in response to Robert Cheatham's Motion To Intervene and To Suspend the Memorandum Opinion and Order of July 3, 2012... Read more!
Complaint against PROSKAUER ROSE, LLP, CHADBOURNE & PARKE, LLP, and THOMAS V. SJOBLOM
August 8, 2012
By ATTORNEYS FOR THE OSIC
Ralph S. Janvey, in his capacity as the Court-Appointed Receiver for the Stanford Receivership Estate, and the Official Stanford Investors Committee file this First Amended Complaint against Defendants PROSKAUER ROSE, LLP, CHADBOURNE & PARKE, LLP, and THOMAS V. SJOBLOM... Read more!
Order re. Chapter 15 / COMI
July 30, 2012
By U.S. District Judge David C. Godbey
The Court grants the Joint Liquidators' motion for substitution as Plaintiff nunc pro tunc to June 8, 2010 and grants in part and denies in part their request that the Court take judicial notice... Read more!
Motion To Intervene and To Suspend the Memorandum Opinion and Order of July, 3, 2012
July 24, 2012
By Richard R. Cheatham
Pursuant to Fed. R. Civ. P. 24 Richard R. Cheatham moves to intervene in this action in order to protect his interest in the subject of the action and pursuant to Fed. R. Civ. P. 59 to suspend the Court's Memorandum Opinion and Order... Read more!
HSBC lapses left US economy exposed to exploitation by terrorists - Senate report
July 17, 2012
By Richard Blackden
HSBC left America's financial system exposed to exploitation by drug cartels and terrorist organisations due to its failure to comply with anti-money laundering laws, according to a damning US Senate report... Read more!
Bill Cassidy request that SEC file an appeal
July 12, 2012
By Bill Cassidy
I write to respectfully request that the Securities & Exchange Commission (SEC) file an appeal with the U.S. Court of Appeals, District of Columbia Circuit, seeking to overturn the July 3, 2012 ruling by U.S. District Court Judge Robert L. Wilkins in the matter of SEC v. Securities Investors Protection Corporation (SIPC), Civil Action No. 11-mc-678... Read more!
Government accused of negligence in suit
July 3, 2012
By Edward J. Gonzales III
Seven Baton Rouge residents and firms are suing the federal government for negligence and misconduct they say caused their loss of approximately $3.5 million to the massive Ponzi scheme operated by Houston entrepreneur Robert Allen Stanford... Read more!
MEMORANDUM OPINION AND ORDER, SEC v. SIPC
July 3, 2012
By U.S. District Judge ROBERT L. WILKINS
The Court holds that the SEC would have failed to meet even the lesser burden of probable cause. The Application of the SEC is therefore denied. An Order accompanies this Memorandum... Read more!
Stanford Officer to Plead Guilty
June 18, 2012
By VANESSA O'CONNELL
Stanford Financial Group's top investment executive, Laura Pendergest-Holt, is expected to plead guilty to obstruction of justice Thursday for her alleged role in a $7 billion Ponzi scheme that was among the largest frauds in U.S. history, a person familiar with the case said... Read more!
Stanford sentenced to 110 years over Ponzi scheme
June 14, 2012
By The Wall Street Journal
Stanford accused the US-government of using "Gestapo tactics" and blamed it for the billions of dollars in losses to his investors... Read more!
Investors Sue Auditor BDO for Stanford Ponzi Fraud
May 14, 2012
By DAVID LEE
The Official Stanford Investors Committee filed the federal complaint against BDO USA, and related entities BDO International, BDO Global Coordination and Brussels Worldwide Services... Read more!
Stanford investors have until Sept. 1 to file claims
May 4, 2012
By US District Judge David C. Godbey
This Order addresses the Receiver's amended motion for entry of an order (i) establishing bar date for claims; (ii) approving form and manner of notice thereof; and (iii) approving proof of claim and related forms and procedures for submitting proofs of claim... Read more!
TD Bank recants testimony, fires law firm, and US judge eyes punishment in historic AML-fraud civil case
April 25, 2012
By ACFCS Staff
The landmark case that produced the first civil verdict against a bank for "aiding and abetting fraud" by means of its collusion with a customer and assistance in laundering the fraud proceeds has taken another startling turn... Read more!
TD Bank says "copying error" caused altered document in fraud-money laundering case
April 18, 2012
By ACFCS Staff
The case in which TD Bank has already lost a precedent-setting verdict for "aiding and abetting fraud" arising from collusion with one of its customers to defraud numerous persons and to launder the proceeds has taken an ugly turn... Read more!
Opposition to the USA's motion to dismiss the complaint
April 6, 2012
By Dr. Gaytri D. Kachroo
Plaintiffs hereby oppose the United States of America's Motion to Dismiss the Complaint (the "Motion"). This Court has subject matter jurisdiction over this action because the government fails to demonstrate that the discretionary function exception shields from liability the Securities and Exchange Commission's ("SEC") negligent failure to follow statutorily prescribed courses of action in the wake of its discovery of Robert Allen Stanford's Ponzi scheme... Read more!
Stanford Judge Lets Receiver Raise Fee, Retains 20% Discount
April 5, 2012
By Andrew Harris and Edvard Pettersson
The court-appointed receiver for R. Allen Stanford can bill his time starting this year at 2012 rates with a 20 per cent discount in spite of objections by Stanford investors who haven't received any money so far... Read more!
TD Bank, lawyers accused of "fraud on court" for presenting false "Customer Due Diligence Form"
March 30, 2012
By Brian Kindle
TD Bank, one of the world's largest financial institutions, is facing what may be the most explosive and damaging risk it has ever confronted. In a federal district court in Miami, it was accused this week of "working a fraud on the court and the jury" by doctoring a crucial document it presented in evidence at a recent trial it lost... Read more!
Allen Stanford, American Drug Lord
March 21, 2012
Missing from coverage of the conviction two weeks ago of Texas "financier" Allen Stanford for running a $7 billion Ponzi scheme was any mention of Stanford's long-time role as an authentic-if no longer certified-American Drug Lord... Read more!
La. Stanford victims' negligence claims moving forward
March 20, 2012
By Leslie Turk
On Monday the 5th U.S. Circuit Court of Appeals in New Orleans reversed a 2011 lower-court ruling, clearing the way for state court class actions against financial advisers, lawyers and other third parties accused of aiding convicted financial Allen Stanford's $7 billion Ponzi scheme... Read more!
Vitter Testifies at House Hearing, Continues to call for SIPC to Compensate Stanford Victims
March 7, 2012
For Immediate Release
U.S. Sen. David Vitter today was invited to testify at the U.S. House Committee on Financial Services, Subcommittee on Capital Markets about some of the ongoing problems at the Securities Investor Protection Corporation (SIPC). Vitter testified about SIPC's refusal thus far to compensate the victims of the Allen Stanford Ponzi scheme... Read more!
Stanford verdict could boost civil claims
March 7, 2012
By Leigh Jones
The conviction of Allen Stanford on Tuesday for orchestrating a $7 billion Ponzi scheme could be bad news for two prominent law firms and an attorney facing civil lawsuits arising out of the Texas financier's crimes... Read more!
Jury convicts R. Allen Stanford in investor fraud
March 6, 2012
By Loren Steffy
A federal court jury on Tuesday convicted Texan R. Allen Stanford of all but one count of an indictment alleging he ran a $7 billion fraud through an offshore bank... Read more!
All victims should be entitled to the protections of the SIPA
February 10, 2012
Letter to The Honorable Judge Robert L. Wilkins and Dr. Bill Cassidy with Evidences supporting that all individuals who invested money through any of the Stanford entities should be entitled to the protections of the SIPA... Read more!
Judge Hands SEC Initial Victory in Suit Against Insurance Fund
February 10, 2012
By ANDREW ACKERMAN
A federal judge Thursday handed the Securities and Exchange Commission a partial victory in its suit against an agency that insures U.S. brokerage accounts to force it to pay investors in R. Allen Stanford's alleged $7 billion Ponzi scheme... Read more!
Cassidy and Deutch Introduce Improving SIPC Act of 2012
February 9, 2012
Congressman Bill Cassidy, M.D. (R-LA) and Congressman Ted Deutch (D-FL) introduced the Improving Security for Investors and Providing Closure Act, or Improving SIPC Act of 2012... Read more!
Accountant details Stanford investment spending
February 1, 2012
By Associated Press
An accountant who worked for Texas tycoon R. Allen Stanford testified Wednesday that he grew increasingly concerned that the financier wouldn't be able to return the $2 billion he secretly borrowed from investors to pay for business and personal expenses, including millions to maintain his yachts and private jets... Read more!
Stanford Told Investors "Lie After Lie" and now he is trying to "game the system"
January 28, 2012
Well, it seems Scardino and defense lawyer Ali Fazel should look at these promotional materials from Stanford's business!... Read more!
Insight: How Allen Stanford kept the SEC at bay
January 26, 2012
By Murray Waas
For twenty years, R. Allen Stanford allegedly had run a $7 billion Ponzi scheme from his offshore bank on the Caribbean island of Antigua. U.S. authorities had been nosing around Stanford's empire for longer than a decade but hesitated to open a full-blown probe. Proskauer Rose & Thomas Sjoblom... Read more!
Trial Set for Financier Accused in Decades-Long Ponzi Scheme
January 18, 2012
By CLIFFORD KRAUSS
A federal judge ruled on Wednesday that R. Allen Stanford, the Texas financier accused of defrauding thousands of investors in a $7 billion Ponzi scheme, will go on trial next week, nearly three years after his arrest... Read more!
Fate of 7,000 Stanford Ponzi Investors Hangs on Rare SEC Lawsuit
January 17, 2012
By Robert Schmidt & Joshua Gallu
For 40 years, the U.S. Securities and Exchange Commission and the congressionally chartered group that protects against broker theft have worked in tandem to reimburse people whose accounts are pilfered... Read more!
SEC Said to Prepare Vote on Cases Against Ex-Stanford Execs
January 10, 2012
By Joshua Gallu
U.S. Securities and Exchange Commission investigators have proposed sanctions against at least five former Stanford Financial Group Co. executives and brokers for their roles in selling investments that fueled R. Allen Stanford's alleged $7 billion Ponzi scheme, according to two people with knowledge of the matter... Read more!
2 former Stanford brokers say SEC let them down
January 5, 2012
By Purva Patel, HOUSTON CHRONICLE
Former Stanford Financial Group brokers Charles Rawl and Mark Tidwell say they helped regulators build a fraud case by supplying the government with emails, testimony and names of people to question... Read more!
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