Statement by Kachroo Legal Services

“Kachroo Legal Services, P.C. wishes to inform Stanford investors that despite slanderous representations it will not file amended claims for any Stanford investors unnecessarily and it is not our intention to do so, nor has it ever been. KLS is attempting to extend an offer to review your claim and if it is found to be lacking to amend it to participate in any potential class action we file. The review would be done free of charge. Note also that unlike the 30 percent contingency of other attorneys, KLS is charging a small up front stipend and only a 15 percent contingency fee upon recovery.”

Please contact us IMMEDIATELY to review your claim so that you are included in the class action at wlugo@kachroolegal.com or by calling 617-864-0755.

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First Lawsuit against the SEC Announced

I would encourage everyone to read this lawsuit from start to finish, it will give you hope for our action when the time comes.

It should also make those of you who self-filed realise what is at stake here and convince you to do the right thing and make sure your Registration of Interest filing is not rejected by the SEC and you lose the chance to be part of our lawsuit.

The fact that this action has been filed will convince the SEC to go through each and every Registration of Interest to try and deny as many as they can and they know that once they have rejected your filing you cannot come back later, so please think carefully, it is worth the risk for a few hundred dollars?

Now read the case that has been filed:

Stanford Investors Sue SEC for Losses in Alleged Swindle

Stanford Investors v USA(function() { var scribd = document.createElement(“script”); scribd.type = “text/javascript”; scribd.async = true; scribd.src = “http://www.scribd.com/javascripts/embed_code/inject.js”; var s = document.getElementsByTagName(“script”)[0]; s.parentNode.insertBefore(scribd, s); })();

URGENT – PROPOSAL TO ALL SELF-FILERS AND OTHERS EXPECTING COVERAGE IN THE KLS CLASS ACTION LAWSUIT AGAINST THE SEC

To: ALL SELF-FILERS AND OTHERS EXPECTING COVERAGE IN THE KLS CLASS ACTION LAWSUIT AGAINST THE SEC

From: Kachroo Legal Services, P.C. (KLS)

We are currently in the process of amending on behalf of Stanford Investors all self-filed or otherwise filed administrative claims under the U.S. Federal Tort Claims Act. It has come to our attention that many claims do not have required information and statements necessary to formulate a valid administrative claim. It has also come to our attention that the letters of claim filed by many attorneys on behalf of Stanford investors are insufficient to establish a claim under the FTCA, because not all information required in the FTCA forms is provided. All such claims will be deemed invalid with or without any response from the SEC.

IT IS IMPERATIVE that such claims be amended and refiled by KLS as soon as possible.

Kachroo Legal Services will be providing amendment of your claims if you provide the following within the next month:

1. Your last financial statement evidencing investment into Stanford International Bank, or any Stanford entity;

2. Your name and full contact information including email and phone numbers;

3. A witness name and address to your specific investment;

4. Whether you have made any insurance claim for recovery of your claim.

5. If you have invested less than $100,000 USD, legal fees of $500; If you have invested less than $1mill USD, legal fees of $1000;

If you have invested more than $1mill USD, legal fees of $1500.

Please contact us IMMEDIATELY to file your amended claim so that you are included in the class action at wlugo@kachroolegal.com or by calling 617-864-0755.

Allen Stanford Drops Suit Against Feds For Allegedly Violating Constitutional Rights

Alleged ponzi-schemer Allen Stanford has dropped a lawsuit seeking $7.2 billion from federal law enforcement because he says they violated his constitutional rights, but indicated that he could refile once the criminal case against him concludes.

Stanford sued Justice Department officials as well as Federal Bureau of Investigation and Security and Exchange Commission agents last month for allegedly violating his Fourth, Fifth, Sixth and Eighth Amendment rights (guarding against unreasonable searches and seizures; abuse of government authority in a legal procedure; protecting rights related to criminal prosecutions; and cruel and unusual punishment, respectively).

Stephen R. Cochell, a Texas-based lawyer for Stanford, wrote in a motion filed last week that the claims in the action “will be preserved without pursuit of this case at this time.” A federal judge ordered the case dismissed on Monday.

In the suit, Stanford had alleged that agents of the U.S. “conspired to deprive Mr. Stanford of his civil rights by and through tactics taken under color of law, but which violate basic constitutional principles” and “used over $51,000,000 of Mr. Stanford’s own money to fund their investigation” while opposing attempts by Stanford to defend himself.

Stanford alleged that he came under scrutiny because the SEC was being criticized in late 2008 and early 2009 for failing to detect misconduct by Bernie Maddoff.

A judge ruled in January that Stanford was incompetent to stand trial and recommended he undergo treatment for his reported traumatic brain injury, addiction to an anti-anxiety medication and major depressive disorder at a federal facility with suitable medical capabilities. Stanford, whose full name is Robert Allen Stanford, is currently inmate #35017-183 and is being held in Butner, N.C.

Attorney Visits Antigua Ahead of SIC Lawsuit

Antigua, St John’s – With 500-600 investors and “close to a billion dollars of investment” under her representation, Boston attorney Gaytri Kachroo is forging forward with claims against the Securities and Exchange Commission (SEC) in the United States.

Around 400 of these investors are supposedly based locally, all having invested between US$25,000 and US$20 M in the alleged Stanford Ponzi scheme.

The claimants will wait six months for a response from the US government before proceeding with a lawsuit against the government itself, over the SEC’s alleged negligence.

The SEC has reportedly investigated Sir R Allen Stanford four times, concluding each time with the suspicion that Stanford’s operation was a Ponzi scheme, or that there was something amiss, but failing to formally notify anyone.

“That of course has deprived our clients of a lot of money, and we will seek redress from the US government for that,” the attorney said in an exclusive interviews with Caribarena.com on Monday.

Kachroo said she might be looking to partner with local counsel and approach the local receivers to “figure a way out of this.”

The attorney, on island since Friday, was able to meet with a score of local claimants over the weekend, with most concerned about the action taken by the local receivership “to guarantee recovery…”

Regarding the status of the local receivership, Kachroo said, “There is a lot of confusion as to who is really in charge here and what is happening.”

She pointed out that there was a successful court action filed against the current receivership, and reportedly met with an appeal.

Despite the seemingly slow progress in the recovery process, Kachroo has assured that action planned in the coming months should yield some fruit.

Speaking about the lawsuit filed against local law firm Cort and Cort, in which Minister of National Security and Labour Dr Errol Cort is a senior partner – Kachroo said although she is not too familiar with the case, she is aware that there are several lawsuits out there.

“It is unclear to me whether they are valid; whether the constituency of investors I represent would back those lawsuits, and we are looking very carefully as to the action we would like on behalf of the investors we represent,” she said.

Also, as far as the lawsuit against the Antiguan government, Kachroo said there is some question as to the authority of the diminutive group of investors that filed the action that seems to reflect the position of all the investors. This suit was filed 18 months ago.

“We are going to be looking into that as well, because we represent a number of people here and we want to make sure those people either back that lawsuit or whatever they feel about that suit is represented in the proceedings,” Kachroo said. “It’s unclear that the voices of all the investors is being represented in the cause and actions that are being put forward.”

Additionally, Kachroo said the current structure of the Stanford Investors Committee in the US needs to be examined “because it doesn’t fully represent all of the investors’ wishes.”
The investors the lawyer refers to include those in the US and throughout the world.

“We represent over 500 and 600 of these investors that have put money into Stanford within the US and outside…. Many of my clients are telling me they are not happy with the way the US receivership is proceeding; with the way claims have been processed and lawsuits have been handled, so we will be doing something about that,” she said.

Kachroo also predicted the number of local investors seeking returns would increase.