SEC Appeals Ruling That SIPC Needn't Cover Stanford Victims

Law360, New York (August 31, 2012, 7:36 PM EDT) -- The U.S. Securities and Exchange Commission will challenge a Washington federal judge's ruling that Securities Investor Protection Corp. doesn't have to help cover victims' losses from convicted Robert Allen Stanford's $7 billion Ponzi scheme, the regulator said Friday.

In a notice of appeal filed in Washington federal court, the SEC said that it would contest the July 3 decision by U.S. District Judge Robert L. Wilkins, who sided with the brokerage industry group's argument that the Securities Investment Protection Act requires it to cover only SIPC...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.