SIPC Must Help Stanford Victims, DC Circ. Hears

Law360, New York (January 14, 2013, 7:04 PM EST) -- The U.S. Securities and Exchange Commission on Friday pressed the D.C. Circuit to reverse a landmark district court ruling and force the Securities Investor Protection Corp. to repay victims of Robert Allen Stanford's $7 billion Ponzi scheme, arguing a broad swath of investors deserves compensation.

The SEC asked the appeals court to overturn U.S. District Judge Robert L. Wilkins’ July 3 decision dismissing the agency’s application to compel the SIPC to pay the fraud victims’ claims through a liquidation proceeding. The corporation, funded by the brokerage...
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