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Banking Law Keyed to Carnell, 7th Ed.
Securities and Exchange Commission v. Securities Investor Protection Corporation
Citation:
872 F. Supp. 2d 1 (2012)Facts
Robert Allen Stanford operated a group of companies including Stanford Group Company (SGC), a registered broker-dealer and SIPC member, and Stanford International Bank, Ltd. (SIBL), an Antiguan bank that was not a SIPC member. SGC marketed certificates of deposit issued by SIBL, which were purchased by approximately 32,000 investors. When purchasing these CDs, investors wrote checks that were deposited directly into SIBL accounts or authorized wire transfers directly to SIBL. Stanford was later convicted of operating a massive Ponzi scheme, misappropriating billions of dollars from investors. After the scheme collapsed in 2009, the SEC asked SIPC to provide protection to SGC customers who purchased the SIBL CDs. SIPC declined, concluding that these investors were not “customers” of SGC within the meaning of SIPA because SGC did not perform a custody function for the CD investors. The SEC then sought a court order to compel SIPC to initiate liquidation proceedings for the benefit of these investors.
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