Stanford Can't Escape SEC's Fraud Suit

Law360, New York (December 2, 2011, 10:21 PM EST) -- A Texas federal court on Wednesday shot down Robert Allen Stanford’s bid to dismiss the U.S. Securities and Exchange Commission’s suit against him, finding that the agency adequately pled its case alleging he was the mastermind behind a $7 billion Ponzi scheme.

U.S. District Judge David Godbey cleared the way for the case to move forward, rejecting Stanford’s claims that the SEC failed to state a claim or plead fraud with particularity, among other arguments.

The SEC alleges that Stanford sold “self-styled” certificates of deposit by...
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Case Information

Case Title

Securities and Exchange Commission v. Stanford International Bank Ltd et al


Case Number

3:09-cv-00298

Court

Texas Northern

Nature of Suit

Other Statutes: Securities/Commodities/Exchange

Judge

David C Godbey

Date Filed

February 17, 2009

Government Agencies

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