Shelby Blasts SEC Response To Ponzi Scheme

U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Senate Committee on Banking, Housing, and Urban Affairs, today made the following statement during a Committee hearing on the SEC’s Response to the Stanford Ponzi Scheme.

“The Stanford case represents a major failure by the Securities and Exchange Commission in carrying out its investor protection mandate.  Investors were defrauded of billions of dollars, and thousands of victims have had their lives shattered as a result.  One of those victims, Craig Nelson from Alabama, testified at last August’s field hearing on the Stanford case. We now know that Allen Stanford openly flaunted the money that he stole from his victims.  He used it to buy part of a Caribbean island, to bribe foreign securities regulators, and fund sporting events.  His victims deserve to know how this could have happened.”