In an unsuccessful bid to win compensation for investors swindled by R. Allen Stanford in a massive Ponzi scheme, the U.S. Securities and Exchange Commission was rebuffed by the U.S. Court of Appeals for the D.C. Circuit, which ruled Friday the investors are not eligible for protection as customers.
Judge Sri Srinivasan, joined by Chief Judge Merrick Garland and Senior Judge David Sentelle, agreed with U.S. District Judge Robert Wilkins, who said he was “truly sympathetic to the plight” of investors who “now find themselves searching desperately for relief.” But the three-judge panel also agreed with Wilkins that the relief cannot come from the Securities Investor Protection Corporation.
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