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Sunday, January 9, 2011

Stanford investors rush to sue US government

TEXAS, United States, Thursday January 6, 2011 – Victims of Allen Stanford’s alleged multi-billion dollar fraud are racing against time to sue the United States government in an attempt to get back the money they lost.

Because of the Statute of Limitations of two years, they have just a few days to get their chance to sue the US government for the failure of the Securities and Exchange Commission (SEC) to conduct appropriate enforcement in Stanford’s fraud. The suit argues that despite receiving information years ago that Stanford was likely running a Ponzi scheme, the SEC fell down on its duty to investigate and stop the former billionaire.

The investors are being represented by Dr. Gaytri Kachroo, the attorney who last November filed the class action in the case of convicted American Ponzi schemer Bernard Madoff.

“Dr. Kachroo indicates that if investors want to participate in an action against the SEC, most likely a class action, they must file claims immediately and no later than February 16, 2011...She strongly advises international investors to contact and file all documentation with Kachroo Legal Services prior to January 15, 2011 in order to timely process their claims,” a statement from the investors said.

The deadline for the filing of the claim comes two year after Stanford was charged, on February 17, 2009, with multiple civil fraud and criminal charges for allegedly running an US$8 billion Ponzi scheme.

He is currently incarcerated at the Federal Detention Center in Houston, Texas and will find out today when he will go on trial.

The start date had been set for January 24, but his lawyers have asked for a two-year delay. Prosecutors agreed to a postponement but said that two years is excessive. A hearing on the matter is therefore scheduled for today.

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