Many Lawsuits Over Stanford Investment Fraud
Since Ralph Janvey was appointed the receiver of Stanford's assets after his alleged investment fraud, and all accounts associated were frozen, brokers and investors have wasted no time filing lawsuits in attempts to get access to their money.
A Houston lawyer, representing the Stanford brokers, Ron Frank, told the Houston Chronicle the Securities and Exchange Commission (SEC) outlawed any contact between the brokers and their clients as of February 17th, the day of the raid. Janvey explained that investors can contact a small group of brokers, not to withdraw investments, but to sell securities. Frank went on to say that the receiver has "overstepped his bounds" and that they are "going to try to take on the receiver."
In a different lawsuit, J. Mark Brewer sued to SEC in an attempt to get access to frozen retirement accounts. His funds are held by a clearing firm called Pershing, who handled Stanford transactions. Brewer argues that, although, Stanford may be guilty, his dealings with Pershing have nothing to do with his situation. Brewer is one of many investors unhappy with the freezing of their Pershing assets. Some of the others, however, have taken a different approach; they are on board with the SEC's civil lawsuit in Dallas.
Another client cannot access his banking account due to the freeze. His attorney, Ben Elmore, has filed an intervention in the Dallas SEC lawsuit.
Also, Arnold & Itkin LLP has filed suit on behalf of a defrauded investor. The client suffered financial loss as a result of Stanford's misrepresentation of facts and deceit.
Investment Fraud Lawsuit
Taking on a billionaire and his tangled web of lies after an investment fraud can be arduous. Our securities attorneys have the expertise and experience necessary to research the situation, find the answers and recover your investment.
If you have lost money in an investment fraud, contact a securities attorney at Arnold & Itkin LLP to find the resources you need.
