Sen. David Vitter urges SEC to appeal Ponzi scheme ruling

Sen. David Vitter, R-La., is urging the Securities and Exchange Commission to appeal a judge’s ruling last week that blocked proceedings that could lead to compensation for victims of Allen Stanford’s $7 billion Ponzi scheme. Some victims, including a good many in Baton Rouge, lost their life savings. The judge ruled that the SEC had not met the burden of showing why the Securities Investor Protection Corp., which says it is running out of funds, should be forced to begin the compensation process. More in The Times-Picayune here.

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