Victims of the alleged Allen Stanford Ponzi Scheme have today started to receive notifications from Kachroo Legal Services (KLS) confirming that their Administration claims have been filed with the U.S Securities and Exchange Commission.
Kachroo Legal services say that it may take a few days to notify all the victims that signed up with them but the claims have already been presented to the SEC.
Victims now have to wait for a response from the SEC – which could take up to 6 months – after such time KLS will (dependant on the response they receive) then set the wheels in motion for a class action lawsuit to make the SEC accountable and liable for the losses suffered by the victims who have filed claims.
The SEC knew as far back as 1997 that Stanford was “In all probability running a Ponzi scheme” but chose to sit back and do nothing while thousands of innocent victims paid their money into SIB. If the SEC had done their job and acted on the information they had, thousands of victims would have been spared the devastation their incompetence and lack of action caused.
The deadline for submitting a claim ran out on February 16th 2011 and it is too late for those that chose not to join with Stanford International Victims in registering a claim.
Kachroo Legal Services, P.C.
Dear Claimant:
This notice confirms that your administrative claim under the FTCA has been filed with the U.S. Securities and Exchange Commission.
Sincerely,
The KLS Team
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Estimado Reclamante:
Esta notificación confirma que su reclamo administrativo bajo la FTCA ha sido radicado con la Comisión de Mercado de Valores (SEC por sus siglas en Ingles).
Atentamente,
El Equipo KLS
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