{"id":1298,"date":"2013-08-16T16:33:13","date_gmt":"2013-08-16T16:33:13","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/08\/two_investors_securities_fraud"},"modified":"2022-03-10T16:38:14","modified_gmt":"2022-03-10T22:38:14","slug":"two-investors-securities-fraud","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/two-investors-securities-fraud\/","title":{"rendered":"Two Investors\u2019 Securities Fraud Lawsuit Against SEC Over Stanford Ponzi Scam is Dismissed"},"content":{"rendered":"

\t\t\t\tA federal judge has dismissed the securities fraud lawsuit <\/a>filed by two investors against the Securities and Exchange Commission for failing to report that Allen Stanford was running a $7.2 billion Ponzi scam. According to U.S. District Judge Robert Scola, a Federal Tort Claims Act exemption that does not allow claims from deceit or misrepresentation shields the SEC from such a claim. <\/p>\n

The plaintiffs are George Glantz and Carlos Zelaya. They contend that they collectively lost $1.6 million because of Stanford and they wanted class action securities status for investors that the latter bilked. <\/p>\n

They argued that following four exams between 1997 and 2004 the regulator considered Stanford’s business a fraud yet did not notify the Securities Investor Protection Corp., which provides compensation to those victimized by brokerages that fail. The SEC did not sue Stanford until 2009. While Scola previously had allowed this securities fraud case against the Commission to move forward, finding that the regulator breached its duty to report Stanford’s wrongdoing, now, he says that the FTCA exemption does not give him jurisdiction over this.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A federal judge has dismissed the securities fraud lawsuit filed by two investors against the Securities and Exchange Commission for failing to report that Allen Stanford was running a $7.2 billion Ponzi scam. According to U.S. District Judge Robert Scola, a Federal Tort Claims Act exemption that does not allow claims from deceit or misrepresentation […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3792,3760,3741,3888],"tags":[],"class_list":["post-1298","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams","category-sec-enforcement","category-securities-fraud","category-stanford-group-co"],"yoast_head":"\nTwo Investors\u2019 Securities Fraud Lawsuit Against SEC Over Stanford Ponzi Scam is Dismissed — Investor Lawyers Blog — August 16, 2013<\/title>\n<meta name=\"description\" content=\"A federal judge has dismissed the securities fraud lawsuit filed by two investors against the Securities and Exchange Commission for failing to report — August 16, 2013\" \/>\n<meta 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