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...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.