Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, December 16, 2011

More on SEC v. SIPC

As I discussed in a blog earlier this week, the SEC filed an application in D.C. federal district court to compel SIPC to institute liquidation proceedings for Stanford Group Company, a broker-dealer registered with the Commission and a SIPC-member brokerage firm.

The SEC has now posted its application and memorandum of legal authorities on its website.

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SIB was chartered, domiciled, regulated and audited in Antigua. The SEC is just buckling under pressure from David "DC Madam" Vitter who is using to blackmail to force the SEC into paying off his constituants, even though they invested in an offshore "bank" instead of an FDIC insured institution.

So much for that no-bailouts, pro-usa teabag guff!

Posted by: Pellucid | Dec 21, 2011 8:01:34 AM

Sibl was wholly owned by Alan Stanford and used the broker dealer as a conduit.. SIPC is a stooge for the securities industry. Know your facts before you comment.

Posted by: D j moore | Mar 8, 2012 7:54:53 PM

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