Stanford Receiver's Clawback Bid 'Improper': SEC

Law360, New York (October 14, 2009, 6:15 PM EDT) -- The U.S. Securities and Exchange Commission has asked a federal appeals court to continue barring the receiver in charge of the distribution of billionaire Robert Allen Stanford's estate from pursuing funds investors received as part of an alleged $7 billion Ponzi scheme, arguing that it is “inequitable and improper” for him to maintain the claims.

In an amicus brief filed Tuesday in the U.S. Court of Appeals for the Fifth Circuit, the regulator argues that receiver Ralph S. Janvey lacks legal authority to sue hundreds of...
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