Debating Preclusion Of State Law Securities Claims

Law360, New York (April 19, 2012, 2:57 PM EDT) -- On March 19, 2012, the Fifth Circuit decided Roland v. Green, a consolidated appeal arising out of a multibillion-dollar Ponzi scheme perpetrated by Allen Stanford. Roland v. Green (5th Cir. March 19, 2012).

According to the U.S. Securities and Exchange Commission, Stanford engaged in a fraudulent scheme to sell certificates of deposit (CDs) to investors by “promising above-market returns and falsely assuring investors that the CDs were backed by safe, liquid investments.” Id. at *2.

Following an SEC lawsuit and criminal indictment against Stanford, investors brought...
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