Donnerstag, 21. Juli 2011

SEC Inspector General to Investigate Stanford Texas Receivership

July 21, 2011
We have learned today that SEC Inspector General David Kotz will begin an investigation of the Texas Receivership of Allen Stanford, pursuant to a request by Kachroo Legal Services, P.C.

The request by Kachroo Legal Services, P.C. to initiate an investigation attached the recently filed Motion to Intervene and Declaration based on the malfeasance and waste of the receivership which to date has consumed all collected assets, $120 million. The motion also details an inside deal between the Receiver and the Official Stanford Investor Committee which provided a pre-approved 25% percent contingency fee to attorneys on the Committee who have not objected to any of the Receiver's fees. This is despite their role of holding the receivership accountable and on track and their right to raise and be heard on any issue in the Receivership proceedings.

The Inspector General will likely investigate the SEC's failure to appropriately oversee this Receivership. The last objection concerning overbilling by the Receiver Ralph Janvey filed by the SEC was over one and one-half years ago.

For further information please contact Kachroo Legal Services, P.C. at (617) 864-0755 or email For further information about Kachroo Legal Services, P.C., please review our website


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