SEC Fights Stanford Receiver's Clawback Efforts

Law360, New York (July 21, 2009, 11:48 AM EDT) -- The U.S. Securities and Exchange Commission has asked the judge overseeing the civil fraud case against Robert Allen Stanford to take away the receiver's power to pursue clawback actions against investors, maintaining that the authority to do so should rest with the SEC alone.

On Monday, the agency asked Judge David C. Godbey of the U.S. District Court for the Northern District of Texas for an emergency order to modify the receivership, seeking to block receiver Ralph Janvey's expected move to seize funds from Stanford investors...
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