SEC is urged to sue over Stanford victims’ claims

A U.S. senator is calling on federal securities regulators to take legal action against a brokerage industry-backed fund for failing to cover claims for the victims of Allen Stanford’s alleged Ponzi scheme. Republican Senator David Vitter, a Senate Banking Committee member, said that the Securities and Exchange Commission needs to compel the Securities Investor Protection Corp to take action because victims have now been waiting since Stanford’s arrest in 2009 for a resolution.” Sue SIPC on behalf of the Stanford victims now,” the Louisiana lawmaker said in a statement after discussing his concerns publicly during a congressional hearing.

Read more: SEC is urged to sue over Stanford victims’ claims — Reuters