5th Circ. Won't Unfreeze Stanford-Controlled Funds

Law360, New York (April 7, 2009, 12:00 AM EDT) -- A federal appeals court has shot down a bid by investors with more than $250,000 in accounts controlled by billionaire banker Robert Allen Stanford to access the funds in the accounts, which are currently frozen while the U.S. Securities and Exchange Commission investigates Stanford's alleged $8 billion Ponzi scheme.

A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit on Tuesday denied a petition by a group of investors, spearheaded by former San Francisco Giants pitcher Robb Nen, to reverse an order by...
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