U.S. not liable for alleged SEC negligence in Stanford fraud – court

A federal appeals court said on Monday the United States is not liable to victims of Allen Stanford’s fraud who claimed that the Securities and Exchange Commission was incompetent for having taken too long to uncover the swindler’s $7.2 billion Ponzi scheme. A panel of the 11th U.S. Circuit Court of Appeals in Miami said the government is entitled to sovereign immunity. More on Reuters here.