SEC Asks 5th Circ. To Block Stanford Clawback Bid

Law360, New York (August 11, 2009, 3:46 PM EDT) -- The U.S. Securities and Exchange Commission has asked a federal appeals court to block a court-appointed receiver's bid to seek $400 million in clawbacks from individual investors in the fraud case against Texas billionaire Robert Allen Stanford, saying that such an action would be inequitable.

In a motion filed Monday in the U.S. Court of Appeals for the Fifth Circuit, the SEC argues that the receiver, Ralph S. Janvey, has wrongly cited fraudulent transfer statutes in going after certificates of deposit held by individual Stanford investors...
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