According to media reports from Texas, investors who were involved are now racing against time to sue the United States government in an attempt to get back the money they lost.
Because of the Statute of Limitations of two years, they have just a few days to get their chance to sue the US government for the failure of the Securities and Exchange Commission (SEC) to conduct appropriate enforcement in Stanford’s fraud. The suit argues that despite receiving information years ago that Stanford was likely running a Ponzi scheme, the SEC fell down on its duty to investigate and stop the former billionaire.
The investors are being represented by Dr. Gaytri Kachroo, the attorney who last November filed the class action in the case of convicted American Ponzi schemer Bernard Madoff.
According to a statement from the investors, “Dr. Kachroo indicates that if investors want to participate in an action against the SEC, most likely a class action, they must file claims immediately and no later than February 16, 2011…She strongly advises international investors to contact and file all documentation with Kachroo Legal Services prior to January 15, 2011 in order to timely process their claims,”.
The deadline for the filing of the claim comes two year after Stanford was charged, on February 17, 2009, with multiple civil fraud and criminal charges for allegedly running an US$8 billion Ponzi scheme.