SEC Inspector General to Investigate Stanford Texas Receivership
July 21, 2011
By KACHROO LEGAL SERVICES, P.C.
We have learned today that SEC Inspector General David Kotz will begin an investigation of the
Texas Receivership of Allen Stanford, pursuant to a request by Kachroo Legal Services, P.C.
The request by Kachroo Legal Services, P.C. to initiate an investigation attached the recently
filed Motion
to Intervene and Declaration based on the malfeasance and waste of the receivership which to
date has consumed all collected assets, $120 million. The motion also details an inside deal
between the Receiver and the Official Stanford Investor Committee which provided a pre-approved
25% percent contingency fee to attorneys on the Committee who have not objected to any of the
Receiver's fees. This is despite their role of holding the receivership accountable and on track
and their right to raise and be heard on any issue in the Receivership proceedings.
The Inspector General will likely investigate the SEC's failure to appropriately oversee this
Receivership. The last objection concerning overbilling by the Receiver Ralph Janvey filed by
the SEC was over one and one-half years ago.
For further information please contact Kachroo Legal Services, P.C. at (617) 864-0755 or email
wlugo@kachroolegal.com. For further information about
Kachroo Legal Services, P.C., please review our website
www.kachroolegal.com.
FOR IMMEDIATE RELEASE! Source.
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