SIPC’s Brokerage Insurance Scam of Allen Stanford’s Victims — Another Reason to Close Your Brokerage Account Now!

Imagine you invest with a broker whose front doors, office plaques, coffee mugs, pencils, brochures, stationery, folders, office signage, and emails all proclaim that your investments are insured by SIPC – Wall Street’s so-called “Securities Investor Protection Corporation.”

Your broker tells you the stock market is overvalued. But he has a very safe, moderate-yield investment opportunity that entails purchasing certificates of deposits.

You like and trust your broker, and maybe have a long history with him. And CDs? Well, everyone knows that CDs are very safe. So you agree with your broker—he’s the expert after all. Indeed, since your brokerage firm, Firm X, is managing all your investments and since you just retired, you decide, at your broker’s urging, to put all your money into Firm X’s CDs–even your IRA funds.

The next day, the next month, or maybe the next year your brokerage firm goes under due to fraud. None of the money you spent on Firm X’s CDs, you learn, was actually invested in other securities to produce a return on Firm X’s CD. Instead, your money was stolen. It was used to pay the brokerage Firm X’s bills, including incredibly lavish salaries for its top brass.

You’re totally devastated. All your retirement savings, which you spent your entire working life accumulating, just went up in smoke. But there’s one silver lining – SIPC, with its promise of up to $500,000 of brokerage account protection.

You call up SIPC and request your insurance payment……………………

The full article can be read here:

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/

 

Advertisements

Fishman Haygood Phelps Walmsley Willis & Swanson, LLP to Join the Legal Team Representing Stanford Investors

NEW YORK–(BUSINESS WIRE)–Butzel Long, PC (“Butzel Long”), http://www.butzel.com/, and Fishman Haygood Phelps Walmsley Willis & Swanson, LLP (“Fishman Haygood”), http://www.fishmanhaygood.com/, today announced that Fishman Haygood will join the team of lawyers representing former investors and depositors in Stanford International Bank, Ltd. (“SIBL”). A class action lawsuit that Butzel Long lead attorney Peter Morgenstern filed on behalf of investors who purchased SIBL Certificates of Deposit (“CDs”) is pending in the United State District Court for the Northern District of Texas. That lawsuit names as defendants Trustmark National Bank, HSBC Bank, The Toronto-Dominion Bank, Private Banking (Suisse) S.A., and Bank of Houston. The lawsuit seeks damages on behalf of SIBL CD investors for the roles that they allege the named defendants played in the CD scheme masterminded by R. Allen Stanford, which scheme the court determined to have been a fraud in Janvey v. Alguire, USDC N.D. Tex. Case No. 3:09-CV-0724-N Doc. No. 456. A recent Supreme Court decision upheld the investors’ right to bring certain claims under state law, freeing the case to go forward. With this recent development, Fishman Haygood lead attorney James R. Swanson has agreed to join the legal team representing investors in their effort to maximize the recovery on their legal claims against the defendant banks. Mr. Swanson is active in major litigation pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors. Mr. Morgenstern has been heavily involved with a number of cases filed on behalf of SIBL CD investors. Mr. Swanson and Mr. Morgenstern intend to combine their expertise and work closely on behalf of the SIBL CD investors.

To join the debate click here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/