SEC appeals in bid to help Stanford victims file claims

U.S. securities regulators said on Friday they would appeal a federal judge’s ruling rejecting their request for an industry-backed fund to start a court proceeding that could help compensate the victims of Allen Stanford’s $7 billion Ponzi scheme.

The Securities and Exchange Commission announced its decision in a filing in federal district court in Washington, D.C., on Friday.

“We believe investors who bought Stanford CDs through the Stanford broker-dealer are protected under the law and therefore should at least be able to present their claims for relief in a court of law,” SEC spokesman John Nester said.

via SEC appeals in bid to help Stanford victims file claims — Reuters