SEC seeks to stop Stanford receiver’s “claw backs”

| 21/07/2009

(Reuters): The U.S. Securities and Exchange Commission is seeking to prevent Ralph Janvey — the receiver appointed to liquidate Stanford assets — from suing investors for proceeds they got from Texan financier Allen Stanford. Janvey, appointed to oversee the search for Stanford’s assets and return them to shareholders, has said he would consider pursuing "claw back" claims from customers who redeemed funds from accounts before his appointment. In a court filing on Monday, the SEC said Janvey’s claims against "innocent investors seeking the return of principal are not supported by case law and are contrary to commission practice".


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