Fed’l Judge Nixes SEC Suit, Says SIPC Not Liable for Bank CDs Bought by Victims of Stanford Swindle

A federal judge district court judge in Washington, D.C., has sided with the Securities Investor Protection Corp. in a lawsuit brought by the U.S. Securities and Exchange Commission in an effort to provide some reimbursement to the victims of the $6 billion to $7 billion Ponzi scheme overseen by R. Allen Stanford. The SEC had contended that the congressionally chartered, industry-funded SIPC,...