US Securities and Exchange Commission Chairman Jay Clayton termed “unacceptable” a court-appointed receiver’s “anemic” recovery of investor losses from the $8 billion Ponzi scheme by disgraced Texas financier R. Allen Stanford.
“In the interest of being clear and perhaps too blunt: the outcome here is unacceptable,” Clayton told a Senate Appropriations subcommittee earlier this week.
He said the SEC’s role in the recovery is “pretty broad” and there are “a lot of other cooks in the kitchen,” including the US Court in Texas’ northern district and a court-appointed receiver trying to round up funds for investors.
SEC's Clayton deplores 'anemic' investor recovery in Allen Stanford Ponzi scheme
10 May 2019 9:34pm