2012-07-03 — reuters.com
In a blow to the victims of Allen Stanford's $7 billion Ponzi scheme, a federal district judge ruled on Tuesday that U.S. securities regulators cannot force an industry-backed fund to start court proceedings so that victims can file claims.
The Securities and Exchange Commission had sought to force the Securities Investor Protection Corp to start liquidation proceedings for the victims. SIPC argued that the law does not apply in the Stanford case.
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