FANTATIC NEWS FOR ALL VICTIMS GAYTRI KACHROO HAS BEAT THE SEC MOTION TO DISMISS HER CASE....WE ARE TAKING THE SEC TO COURT!
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Showing posts with label Gaytri Kachroo. Show all posts
Showing posts with label Gaytri Kachroo. Show all posts
Friday, 7 September 2012
Tuesday, 22 March 2011
Attorney Visits Antigua Ahead of SIC Lawsuit
Antigua, St John's - With 500-600 investors and “close to a billion dollars of investment” under her representation, Boston attorney Gaytri Kachroo is forging forward with claims against the Securities and Exchange Commission (SEC) in the United States.
Around 400 of these investors are supposedly based locally, all having invested between US$25,000 and US$20 M in the alleged Stanford Ponzi scheme.
The claimants will wait six months for a response from the US government before proceeding with a lawsuit against the government itself, over the SEC’s alleged negligence.
The SEC has reportedly investigated Sir R Allen Stanford four times, concluding each time with the suspicion that Stanford’s operation was a Ponzi scheme, or that there was something amiss, but failing to formally notify anyone.
“That of course has deprived our clients of a lot of money, and we will seek redress from the US government for that,” the attorney said in an exclusive interviews with Caribarena.com on Monday.
Kachroo said she might be looking to partner with local counsel and approach the local receivers to “figure a way out of this.”
The attorney, on island since Friday, was able to meet with a score of local claimants over the weekend, with most concerned about the action taken by the local receivership “to guarantee recovery…”
Regarding the status of the local receivership, Kachroo said, “There is a lot of confusion as to who is really in charge here and what is happening.”
She pointed out that there was a successful court action filed against the current receivership, and reportedly met with an appeal.
Despite the seemingly slow progress in the recovery process, Kachroo has assured that action planned in the coming months should yield some fruit.
Speaking about the lawsuit filed against local law firm Cort and Cort, in which Minister of National Security and Labour Dr Errol Cort is a senior partner – Kachroo said although she is not too familiar with the case, she is aware that there are several lawsuits out there.
“It is unclear to me whether they are valid; whether the constituency of investors I represent would back those lawsuits, and we are looking very carefully as to the action we would like on behalf of the investors we represent,” she said.
Also, as far as the lawsuit against the Antiguan government, Kachroo said there is some question as to the authority of the diminutive group of investors that filed the action that seems to reflect the position of all the investors. This suit was filed 18 months ago.
“We are going to be looking into that as well, because we represent a number of people here and we want to make sure those people either back that lawsuit or whatever they feel about that suit is represented in the proceedings,” Kachroo said. “It's unclear that the voices of all the investors is being represented in the cause and actions that are being put forward.”
Additionally, Kachroo said the current structure of the Stanford Investors Committee in the US needs to be examined “because it doesn’t fully represent all of the investors’ wishes.”
The investors the lawyer refers to include those in the US and throughout the world.
“We represent over 500 and 600 of these investors that have put money into Stanford within the US and outside…. Many of my clients are telling me they are not happy with the way the US receivership is proceeding; with the way claims have been processed and lawsuits have been handled, so we will be doing something about that,” she said.
Kachroo also predicted the number of local investors seeking returns would increase.
Wednesday, 9 February 2011
COVISAL and SVC Amend Specimen Registration Forms
This is an URGENT message for any victims who followed the advice given by COVISAL and SVC to file their own SF-95 claims using the specimen registration forms they provided.
It has come to our attention that COVISAL and SVC have just released amended specimen claim forms correcting errors in their previous release.
This raises serious concerns regarding the wisdom of taking legal advice from people who have no legal background.
Please be aware that if you have tried to complete your own registration and following the guidance provided by COVISAL & SVC, You need to look closely at the amended versions to check for more mistakes.
After waiting for months for these documents (which you were all assured by Covisal and SVC were easy to complete) and now finding out that both originals require amendments - you have to ask yourself if you are willing to take the risk that the amended versions are correct.
For those that are questioning the advice you were originally given and the fact the (long awaited) specimen registration forms are your last chance of registering your interest, perhaps now is the time to ask yourself if it is worth taking the chance of having your form rejected by the SEC?
Remember this is your one and only chance to register your claim against the SEC and you only have 7 days left, for some it is already to late! We would once again advise all victims to make contact with Gaytri Kachroo and make sure the job is done correctly by downloading the contract of engagement and sending it to info@kachroolegal.com.
These mistakes made by people who are not lawyers could cost you all dearly and leave both people who supplied you with incorrect information open to being sued. You need to think carefully about the advice you have received, but more importantly you have to question if the revised information is correct.
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Este es un mensaje urgente para que ninguna de las víctimas que siguieron el consejo dado por Covisal y SVC para presentar su propia SF-95 reclamaciones en los formularios de registro que muestra siempre.
Ha llegado a nuestra atención que Covisal y SVC acaban de publicar modificado los formularios de reclamación muestra la corrección de errores en su versión anterior.
Esto plantea serias preocupaciones acerca de la conveniencia de pedir la opinión jurídica de las personas que no tienen formación jurídica.
Tenga en cuenta que si usted ha tratado de completar su propio registro y siguiendo las orientaciones dadas por Covisal y SVC, Usted tiene que mirar de cerca las versiones modificadas para comprobar si hay más errores.
Después de esperar durante meses para estos documentos (que se asegura a todos por Covisal y SVC fueron fáciles para completar) y ahora saber que tanto los originales supone la modificación - que tiene que preguntarse si están dispuestos a asumir el riesgo de que las versiones modificadas son correcta.
Para aquellos que están cuestionando el consejo que le dieron origen y el hecho de las formas (esperado) muestra el registro son su última oportunidad de registrar su interés, tal vez ahora es el momento de preguntarse si vale la pena tomar el riesgo de que su forma rechazada por la SEC?
Recuerde que esta es su primera y única oportunidad de registrar su reclamo en contra de la SEC y que sólo han 7 días a la izquierda , para algunos ya es tarde! Queremos una vez más asesorar a todas las víctimas para hacer contacto con Gaytri Kachroo y asegúrese de que el trabajo se hace correctamente, descargue el contrato de compromiso y de enviarlo a info@kachroolegal.com.
Estos errores cometidos por personas que no son abogados podría costar muy caro a todos y dejar las dos personas que le suministró la información incorrecta abierto a ser demandado. Usted necesita pensar cuidadosamente acerca de los consejos que hemos recibido, pero lo más importante que tenemos que preguntarnos si la información revisada es correcta.
Author: Stanford's Nemesis
It has come to our attention that COVISAL and SVC have just released amended specimen claim forms correcting errors in their previous release.
This raises serious concerns regarding the wisdom of taking legal advice from people who have no legal background.
Please be aware that if you have tried to complete your own registration and following the guidance provided by COVISAL & SVC, You need to look closely at the amended versions to check for more mistakes.
After waiting for months for these documents (which you were all assured by Covisal and SVC were easy to complete) and now finding out that both originals require amendments - you have to ask yourself if you are willing to take the risk that the amended versions are correct.
For those that are questioning the advice you were originally given and the fact the (long awaited) specimen registration forms are your last chance of registering your interest, perhaps now is the time to ask yourself if it is worth taking the chance of having your form rejected by the SEC?
Remember this is your one and only chance to register your claim against the SEC and you only have 7 days left, for some it is already to late! We would once again advise all victims to make contact with Gaytri Kachroo and make sure the job is done correctly by downloading the contract of engagement and sending it to info@kachroolegal.com.
These mistakes made by people who are not lawyers could cost you all dearly and leave both people who supplied you with incorrect information open to being sued. You need to think carefully about the advice you have received, but more importantly you have to question if the revised information is correct.
---------------------------------------------------------------------------
Este es un mensaje urgente para que ninguna de las víctimas que siguieron el consejo dado por Covisal y SVC para presentar su propia SF-95 reclamaciones en los formularios de registro que muestra siempre.
Ha llegado a nuestra atención que Covisal y SVC acaban de publicar modificado los formularios de reclamación muestra la corrección de errores en su versión anterior.
Esto plantea serias preocupaciones acerca de la conveniencia de pedir la opinión jurídica de las personas que no tienen formación jurídica.
Tenga en cuenta que si usted ha tratado de completar su propio registro y siguiendo las orientaciones dadas por Covisal y SVC, Usted tiene que mirar de cerca las versiones modificadas para comprobar si hay más errores.
Después de esperar durante meses para estos documentos (que se asegura a todos por Covisal y SVC fueron fáciles para completar) y ahora saber que tanto los originales supone la modificación - que tiene que preguntarse si están dispuestos a asumir el riesgo de que las versiones modificadas son correcta.
Para aquellos que están cuestionando el consejo que le dieron origen y el hecho de las formas (esperado) muestra el registro son su última oportunidad de registrar su interés, tal vez ahora es el momento de preguntarse si vale la pena tomar el riesgo de que su forma rechazada por la SEC?
Recuerde que esta es su primera y única oportunidad de registrar su reclamo en contra de la SEC y que sólo han 7 días a la izquierda , para algunos ya es tarde! Queremos una vez más asesorar a todas las víctimas para hacer contacto con Gaytri Kachroo y asegúrese de que el trabajo se hace correctamente, descargue el contrato de compromiso y de enviarlo a info@kachroolegal.com.
Estos errores cometidos por personas que no son abogados podría costar muy caro a todos y dejar las dos personas que le suministró la información incorrecta abierto a ser demandado. Usted necesita pensar cuidadosamente acerca de los consejos que hemos recibido, pero lo más importante que tenemos que preguntarnos si la información revisada es correcta.
Author: Stanford's Nemesis
Wednesday, 26 January 2011
Angry Investors Threaten Suit
Plaintiffs Claim Regulators Ignored Warnings of Fraud
By BILL LODGE
Advocate Staff Writer
Some of the investors alleged to have been defrauded by Texas
promoter Robert Allen Stanford say they will use a
Massachusetts lawyer to sue the federal government for
alleged failure to take timely regulatory action against him.
I believe we’re going to join this lawsuit,” said Baton Rouge
real estate investor Jason S. Graham, 39.
Graham is one of more than 1,000 residents of the Baton
Rouge, Lafayette and Covington areas who lost an estimated
combined total of more than $1 billion to Stanford’s
operations. Those estimates are by state Rep. Bodi White, RCentral,
and Baton Rouge attorney Phillip W. Preis.
We’ve waited for the last two years for our Congress people
and senators to help us,” said Graham. “It’s an absolute joke.
”
Graham already is a plaintiff in a civil lawsuit against the
people who marketed Stanford’s worthless certificates of
deposit and other investment vehicles in Louisiana.
That lawsuit and similar actions across the country, however,
were suspended more than a year ago on orders from a Dallas
federal judge.
U.S. District Judge David Godbey ruled that those lawsuits
would interfere with a court-appointed receiver’s efforts to
track down the remnants of Stanford’s assets.
But attorney Gaytri Kachroo, of Cambridge, Mass., filed a
class-action suit against the federal government in November
for alleged failure by the Securities and Exchange Commission
to protect people’s savings from New Yorker Bernard Madoff’s
admitted Ponzi scheme.
A Ponzi is an illegal investment scheme that involves few, if
any, actual investments. Early investors are paid dividends
described by Ponzi operators as profits. The money actually
comes from later investors.
The scheme collapses when promoters can no longer coax
money from newly targeted victims.
Madoff is serving a 150-year term in federal prison for bilking
billions of dollars from pension funds, mutual funds and indidual investors.
The scheme collapses when promoters can no longer coax money from newly targeted victims.
Madoff is serving 150-year term in federal prison for bilking billions of dollars from pension funds, mutual funds and individual investors.
Kachroo said she now is filing administrative law claims with
the SEC in the Stanford case in order to preserve the rights of
people in Louisiana and other states to file a class-action suit
against the commission after the Feb. 16 filing deadline. That
date will mark the second anniversary of the SEC’s action to
shut down Stanford’s worldwide operations.
In such cases, plaintiffs cannot sue the federal government
until after a federal agency has denied investors’ claims,
Kachroo said.
Kachroo said last week that she has filed with the SEC claims
by 30 Stanford investors. Another 270 claims were being
processed by her staff, she said.
SEC lawyers in Dallas and federal prosecutors in Houston
allege in court filings that Stanford operated a Ponzi scheme
that harvested at least $7.2 billion from more than 25,000
people from Baton Rouge to Bogota, from Venezuela to
Europe.
Stanford, 60, remains in federal custody in Houston, where he
faces federal fraud charges.
James M. Davis, a Baldwyn, Miss., resident who served as
Stanford’s chief financial officer, has pleaded guilty to felony
charges and admitted that Stanford’s operations were a huge
Ponzi from the beginning.
Whistleblowers ignored?
For nearly nine years before Madoff admitted that his
investment empire was a giant Ponzi, financial analyst and
certified fraud examiner Harry Markopolos had warned the
SEC that the man was a criminal.
Kachroo represented Markopolos when he testified Feb. 4,
2009, before the U.S. House of Representatives’ Committee on
Financial Services.
“Every tool, every resource, and every person (in the SEC) has
to be brought to bear in the fight against white-collar crime,”
Markopolos testified. “Government has coddled, accepted and
ignored white-collar crime for too long.
”
Markopolos added: “It is time the nation woke up and
recognized that it’s not the armed robbers or drug dealers who
cause us the most economic harm.
“It’s the white-collar criminals living in the most expensive
homes and who have the most impressive resumes who harm
us the most,” Markopolos told members of Congress. “They
steal our pensions, bankrupt our companies and destroy
thousands of jobs, ruining countless lives.
”
Last year, SEC Inspector General David Kotz reported that
commission officials repeatedly failed to pursue whistleblower
allegations between 1997 and 2005 that Stanford was
defrauding his investors. During that same time, Kotz
reported, examiners in the SEC’s Fort Worth office called for
investigation of Stanford at least three times.
In Baton Rouge, Preis continues to pursue a civil lawsuit on
behalf of Stanford investors against the state Office of
Financial Institutions. That suit alleges that OFI officials failed
investors by ignoring warning signs that Stanford’s operations
were fraudulent.
Preis said last week he believes that suit has a chance of
success, but he asserted that Kachroo has picked too big a rival
in the Stanford and Madoff litigation.
“We don’t think the idea of pursuing a suit against the SEC has
much merit to it,” Preis said. “The chances of ever collecting
from the United States government are slim to none.
”
Katchroo said she believes ordinary people can fight City Hall
and even collect damages from the federal government in the
Stanford and Madoff tragedies.
We believe we have a fairly good chance in both cases,”
Kachroo said.
The SEC won’t talk about Kachroo’s efforts in either case.
“
"Decline comment on both,"” e-mailed SEC spokesman John J.Nester.
Stanford was scheduled for trial on his criminal charges this
month. But a federal judge in Houston postponed that trial
indefinitely after being informed that Stanford has become
addicted to painkillers while in federal custody.
By BILL LODGE
Advocate Staff Writer
Some of the investors alleged to have been defrauded by Texas
promoter Robert Allen Stanford say they will use a
Massachusetts lawyer to sue the federal government for
alleged failure to take timely regulatory action against him.
I believe we’re going to join this lawsuit,” said Baton Rouge
real estate investor Jason S. Graham, 39.
Graham is one of more than 1,000 residents of the Baton
Rouge, Lafayette and Covington areas who lost an estimated
combined total of more than $1 billion to Stanford’s
operations. Those estimates are by state Rep. Bodi White, RCentral,
and Baton Rouge attorney Phillip W. Preis.
We’ve waited for the last two years for our Congress people
and senators to help us,” said Graham. “It’s an absolute joke.
”
Graham already is a plaintiff in a civil lawsuit against the
people who marketed Stanford’s worthless certificates of
deposit and other investment vehicles in Louisiana.
That lawsuit and similar actions across the country, however,
were suspended more than a year ago on orders from a Dallas
federal judge.
U.S. District Judge David Godbey ruled that those lawsuits
would interfere with a court-appointed receiver’s efforts to
track down the remnants of Stanford’s assets.
But attorney Gaytri Kachroo, of Cambridge, Mass., filed a
class-action suit against the federal government in November
for alleged failure by the Securities and Exchange Commission
to protect people’s savings from New Yorker Bernard Madoff’s
admitted Ponzi scheme.
A Ponzi is an illegal investment scheme that involves few, if
any, actual investments. Early investors are paid dividends
described by Ponzi operators as profits. The money actually
comes from later investors.
The scheme collapses when promoters can no longer coax
money from newly targeted victims.
Madoff is serving a 150-year term in federal prison for bilking
billions of dollars from pension funds, mutual funds and indidual investors.
The scheme collapses when promoters can no longer coax money from newly targeted victims.
Madoff is serving 150-year term in federal prison for bilking billions of dollars from pension funds, mutual funds and individual investors.
Kachroo said she now is filing administrative law claims with
the SEC in the Stanford case in order to preserve the rights of
people in Louisiana and other states to file a class-action suit
against the commission after the Feb. 16 filing deadline. That
date will mark the second anniversary of the SEC’s action to
shut down Stanford’s worldwide operations.
In such cases, plaintiffs cannot sue the federal government
until after a federal agency has denied investors’ claims,
Kachroo said.
Kachroo said last week that she has filed with the SEC claims
by 30 Stanford investors. Another 270 claims were being
processed by her staff, she said.
SEC lawyers in Dallas and federal prosecutors in Houston
allege in court filings that Stanford operated a Ponzi scheme
that harvested at least $7.2 billion from more than 25,000
people from Baton Rouge to Bogota, from Venezuela to
Europe.
Stanford, 60, remains in federal custody in Houston, where he
faces federal fraud charges.
James M. Davis, a Baldwyn, Miss., resident who served as
Stanford’s chief financial officer, has pleaded guilty to felony
charges and admitted that Stanford’s operations were a huge
Ponzi from the beginning.
Whistleblowers ignored?
For nearly nine years before Madoff admitted that his
investment empire was a giant Ponzi, financial analyst and
certified fraud examiner Harry Markopolos had warned the
SEC that the man was a criminal.
Kachroo represented Markopolos when he testified Feb. 4,
2009, before the U.S. House of Representatives’ Committee on
Financial Services.
“Every tool, every resource, and every person (in the SEC) has
to be brought to bear in the fight against white-collar crime,”
Markopolos testified. “Government has coddled, accepted and
ignored white-collar crime for too long.
”
Markopolos added: “It is time the nation woke up and
recognized that it’s not the armed robbers or drug dealers who
cause us the most economic harm.
“It’s the white-collar criminals living in the most expensive
homes and who have the most impressive resumes who harm
us the most,” Markopolos told members of Congress. “They
steal our pensions, bankrupt our companies and destroy
thousands of jobs, ruining countless lives.
”
Last year, SEC Inspector General David Kotz reported that
commission officials repeatedly failed to pursue whistleblower
allegations between 1997 and 2005 that Stanford was
defrauding his investors. During that same time, Kotz
reported, examiners in the SEC’s Fort Worth office called for
investigation of Stanford at least three times.
In Baton Rouge, Preis continues to pursue a civil lawsuit on
behalf of Stanford investors against the state Office of
Financial Institutions. That suit alleges that OFI officials failed
investors by ignoring warning signs that Stanford’s operations
were fraudulent.
Preis said last week he believes that suit has a chance of
success, but he asserted that Kachroo has picked too big a rival
in the Stanford and Madoff litigation.
“We don’t think the idea of pursuing a suit against the SEC has
much merit to it,” Preis said. “The chances of ever collecting
from the United States government are slim to none.
”
Katchroo said she believes ordinary people can fight City Hall
and even collect damages from the federal government in the
Stanford and Madoff tragedies.
We believe we have a fairly good chance in both cases,”
Kachroo said.
The SEC won’t talk about Kachroo’s efforts in either case.
“
"Decline comment on both,"” e-mailed SEC spokesman John J.Nester.
Stanford was scheduled for trial on his criminal charges this
month. But a federal judge in Houston postponed that trial
indefinitely after being informed that Stanford has become
addicted to painkillers while in federal custody.
Friday, 14 January 2011
STANFORD LATIN AMERICAN INVESTORS SPEAK UP
It has taken a while to get the message out across Latin America, and has been not helped by an extended New Year vacation that kept some families out of town. Stanford Bank investors in Latin America are now responding to the message that victims of the failed Stanford International Bank, a part of the Stanford Financial Group in receivership, must file administrative claims under the Federal Tort Claims Act against the Securities and Exchange Commission, before the deadline of 16th February 2011, after which claims are barred forever under the statute of limitations.
Any Stanford investors in Latin America who have not already filed a claim must consult their attorney without delay, or the attorney hired by the Stanford International Investors, Dr Gaytri Kachroo, of Kachroo Legal Services, Cambridge, Mass, who is experienced in submitting FTCA claims, having already done so for many Madoff investors. Contact: info@kachroolegal.com.
Allen Stanford is currently in detention in Houston awaiting trial on 23 counts of fraud.
Any Stanford investors in Latin America who have not already filed a claim must consult their attorney without delay, or the attorney hired by the Stanford International Investors, Dr Gaytri Kachroo, of Kachroo Legal Services, Cambridge, Mass, who is experienced in submitting FTCA claims, having already done so for many Madoff investors. Contact: info@kachroolegal.com.
Allen Stanford is currently in detention in Houston awaiting trial on 23 counts of fraud.
Wednesday, 12 January 2011
Statement from Kachroo Legal Services
KLS --- KACHROO LEGAL SERVICES, P.C.
January 11, 2011
Dear Stanford Investors and Attorneys:
It has come to our attention that certain misleading rumors may be circulating concerning the sharing of commissions and referral fees with non-attorneys relating to the filings of SEC administrative claims in the Stanford matter. Please note the following information carefully:
The Model Rules of Professional Conduct Rule 5.4 generally prohibit a lawyer or law firm from sharing fees with any non-lawyer. [See also, Mass. Code of Prof. Resp. 7.2(c), New York Lawyer’s Code of Prof. Resp. Rules DR-2-103(D) and DR-10107 and the Texas Disciplinary Code of Prof. Resp. 7.03(b).] Among other reasons, the American Bar Association has said that the rule is important to prevent problems of professional independence that can arise when non-lawyers assume a position in which they can interfere in a lawyer’s practice. (ABA Formal Ethics Op. 95-392.)
Additionally, any person circulating such rumors may be liable for defamation in making such statements to a third person. Anyone who suggests that Kachroo Legal Services, P.C. is paying a fee to a non-lawyer in the Stanford case would by falsely implying that the law firm is violating the rules of professional conduct. Kachroo Legal Services, P.C. has never and would never engage in such a practice. This is an issue of public concern and damages our reputation. Kachroo Legal Services, P.C. requests that anyone who has made such statements halt immediately and apologize publicly.
- Dr. Gaytri D. Kachroo, Kachroo Legal Services, P.C.
January 11, 2011
Dear Stanford Investors and Attorneys:
It has come to our attention that certain misleading rumors may be circulating concerning the sharing of commissions and referral fees with non-attorneys relating to the filings of SEC administrative claims in the Stanford matter. Please note the following information carefully:
The Model Rules of Professional Conduct Rule 5.4 generally prohibit a lawyer or law firm from sharing fees with any non-lawyer. [See also, Mass. Code of Prof. Resp. 7.2(c), New York Lawyer’s Code of Prof. Resp. Rules DR-2-103(D) and DR-10107 and the Texas Disciplinary Code of Prof. Resp. 7.03(b).] Among other reasons, the American Bar Association has said that the rule is important to prevent problems of professional independence that can arise when non-lawyers assume a position in which they can interfere in a lawyer’s practice. (ABA Formal Ethics Op. 95-392.)
Additionally, any person circulating such rumors may be liable for defamation in making such statements to a third person. Anyone who suggests that Kachroo Legal Services, P.C. is paying a fee to a non-lawyer in the Stanford case would by falsely implying that the law firm is violating the rules of professional conduct. Kachroo Legal Services, P.C. has never and would never engage in such a practice. This is an issue of public concern and damages our reputation. Kachroo Legal Services, P.C. requests that anyone who has made such statements halt immediately and apologize publicly.
- Dr. Gaytri D. Kachroo, Kachroo Legal Services, P.C.
Monday, 10 January 2011
Attorney inundated with claims from Stanford Investors
A few days ago Dr Gaytri Kachroo, principal of Kachroo Legal Services, stated that she has been inundated with interest, inquiries and solicitations from Stanford investors to file administrative claims against the SEC before the deadline of February 16th 2011, after which investors will be prevented from reclaiming their losses under the FTCA by the Statute of Limitations.
This is a means of recovery open to all the Stanford investors irrespective of where they live, or where they deposited funds into the failed Stanford Financial Group.
For anyone who has not yet registered, please contact Kachroo Legal Services now before it is too late. Email: info@kachroolegal.com
This is a means of recovery open to all the Stanford investors irrespective of where they live, or where they deposited funds into the failed Stanford Financial Group.
For anyone who has not yet registered, please contact Kachroo Legal Services now before it is too late. Email: info@kachroolegal.com
Tuesday, 4 January 2011
ADMINISTRATIVE CLAIMS: REGISTRATION PROCESS
Revised engagement letters have now been issued by KLS to clear up some of the misunderstandings some investors had. Anybody who signed the earlier letter, please email Kachroo Legal Services office to receive their new contract. Copies of the letters can be downloaded from this blog, but for your own peace of mind it is better you email KLS, then they have your email address, so they know how to contact you.
For anyone who has not made contact yet:
Please email KLS office: info@kachroolegal.com and request the Stanford engagement letter.
You will be sent the contract by email, for you to sign and return, and wire instructions for the registration fee.
Please make sure you write your name, address, telephone number and email, under your signature on the contract, and also ensure your name is clearly stated on the wire instruction, as your reference, so that KLS know how best to contact you, and so they know it is your registration fee when they receive it.
You will then receive further information and instructions about your claim. Please understand some of your claims may be more complicated than others, and KLS may require further information from you. Please ensure you have all your supporting evidence together. It is critical your forms are correctly completed, and your claims are properly presented and submitted, or they may be rejected by the US Government.
If there is anything you do not fully understand about your claim please make sure you raise it with KLS. You are paying them to assist you.
As you can see, each claim will take several days to process, so please do not leave it until the last minute.
If anyone is considering submitting their own administrative claims, I have posted some of the problems you will encounter. Please read them carefully before deciding to do this on your own, and make your own decision whether you think you will be successful. I have, and I know that I need to be certain my claim is submitted by an expert, so it will not be rejected.
A number of people have worked very hard to negotiate this contract with KLS for the benefit of ALL investors. We have achieved this without asking for any money, and we will continue to work for the benefit of all investors.
To get this far has been hard work for everyone who has been helping over the last few weeks, and I am very grateful for their support.
My belief is that this is the best chance we have of recovering most of our money, and all it is going to cost us is the registration fee.
Please draw your own conclusions.
For anyone who has not made contact yet:
Please email KLS office: info@kachroolegal.com and request the Stanford engagement letter.
You will be sent the contract by email, for you to sign and return, and wire instructions for the registration fee.
Please make sure you write your name, address, telephone number and email, under your signature on the contract, and also ensure your name is clearly stated on the wire instruction, as your reference, so that KLS know how best to contact you, and so they know it is your registration fee when they receive it.
You will then receive further information and instructions about your claim. Please understand some of your claims may be more complicated than others, and KLS may require further information from you. Please ensure you have all your supporting evidence together. It is critical your forms are correctly completed, and your claims are properly presented and submitted, or they may be rejected by the US Government.
If there is anything you do not fully understand about your claim please make sure you raise it with KLS. You are paying them to assist you.
As you can see, each claim will take several days to process, so please do not leave it until the last minute.
If anyone is considering submitting their own administrative claims, I have posted some of the problems you will encounter. Please read them carefully before deciding to do this on your own, and make your own decision whether you think you will be successful. I have, and I know that I need to be certain my claim is submitted by an expert, so it will not be rejected.
A number of people have worked very hard to negotiate this contract with KLS for the benefit of ALL investors. We have achieved this without asking for any money, and we will continue to work for the benefit of all investors.
To get this far has been hard work for everyone who has been helping over the last few weeks, and I am very grateful for their support.
My belief is that this is the best chance we have of recovering most of our money, and all it is going to cost us is the registration fee.
Please draw your own conclusions.
Monday, 3 January 2011
Saturday, 18 December 2010
Kachroo Legal services in the Media
For any investors considering whether to join-in the action against the SEC by KLS, and protect their future rights to sue the SEC, Here are a couple of articles that have been in the media relating to Dr Kachroo and the work she has already done for the Madoff Victims. I hope you find them helpful in deciding whether this action is best for you or not:
The following story “The Whistleblower’s Lawyer,” appeared in the Summer 2009 Harvard Law Bulletin.
Gaytri Kachroo S.J.D. ’02 was preparing to fly to India for business when she got a call that thrust her into the midst of one of the largest financial stories of our time. The caller was her client Harry Markopolos, an independent fraud investigator who, in the ensuing 24 hours, would go from being an unknown Chicken Little to a national hero.
Markopolos had spent almost 10 years trying to convince federal regulators that the Wall Street wonder Bernard Madoff was running the largest Ponzi scheme in U.S. history—a $65 billion investment fraud that would spell financial ruin for thousands of individuals, charitable organizations and investment groups.
When he called Kachroo on the night of Dec. 11, Markopolos told her that Madoff had just confessed and that The Wall Street Journal would be breaking the story in the morning edition. He wanted her to advise and represent him.
It was quite a request, given that until that moment, Kachroo knew next to nothing about her client’s investigation of the Madoff affair and had no experience with the press. A transactional lawyer who now specializes in emerging markets in India and Southeast Asia, she had been representing Markopolos since he began his fraud investigation business in 2004, and she had developed a strong bond with him based on their shared belief that you don’t have to compromise your ideals to succeed.
When the story broke on Dec. 12, her client was flooded with requests from media around the world.
“I was a little overwhelmed initially,” said Kachroo, a partner at McCarter & English in Boston. “We were deluged with calls from CBS, ABC, NBC, CNN, The Wall Street Journal, and I was on the phone daily from Pune [India] with congressional counsel and SEC Inspector General David Kotz. I had to get up to speed in a hurry.”
Kachroo knew that all of their preparation in the coming weeks was leading up to the moment when Markopolos would testify before Congress. She worked with him on what names he could include without exposing himself to liability and pressed him on what he knew for certain from his own evidence as opposed to what he assumed based on information from others.
“I was asking Harry constantly what he really knew, not just what he thought, and I asked him to base his opinions solely on that,” Kachroo said. “This provided testimony that was palpably Harry’s own and something the public could identify with.”
The media were smitten by the image of Markopolos as a modern-day Cassandra, hounding federal regulators for nearly a decade to consider his evidence that Madoff was a fraud. Despite numerous letters from Markopolos culminating in a detailed 21-page memo in 2005, the U.S. Securities and Exchange Commission had ignored his warnings. Consequently, a scam that totaled about $7 billion when Markopolos first uncovered it in 1999 was allowed to grow to more than nine times that size.
According to Kachroo, the Madoff debacle is not an isolated occurrence, but a symptom of overwhelming flaws that plague our regulatory system.
“This is not a story about one rogue investor,” she said. “It’s a symbol for the systematic failure that we are experiencing in our financial systems. It’s about how we need to change the rules and the roles people play so this never happens again.”
On Feb. 4, Kachroo sat at her client’s side through four hours of congressional testimony in which he presented the House Financial Services subcommittee with his evidence against Madoff, his blistering criticism of the SEC and a series of specific suggestions on how to reform the nation’s financial regulatory system.
“Government has coddled, accepted and ignored white-collar crime for too long,” he told Congress. “It is time the nation woke up and realized that it’s not the armed robbers or drug dealers who cause the most economic harm; it’s the white-collar criminals living in the most expensive homes who have the most impressive resumes who harm us the most. They steal our pensions, bankrupt our companies and destroy thousands of jobs, ruining countless lives.”
Since her client’s testimony, the international financial crisis has occupied more of Kachroo’s professional focus.
She and Markopolos met with the new chairwoman of the SEC, Mary Shapiro, in mid-March to discuss her client’s recommendations for reforming the beleaguered regulatory agency.
The previous month, Kachroo was named vice chairwoman of the newly formed Global Law Firm Alliance, a coalition of 45 firms from 25 nations dedicated to assisting the estimated 3 million victims of the Madoff scam. Because of the complexities involved in adjudicating a worldwide financial fraud, the alliance has proposed the creation of an International Financial Court. Kachroo coordinated meetings with members of Congress and the White House and oversaw the draft proposal and its incorporation into the agendas for the European Union Summit in April and a G-20 meeting in September.
She has also been asked to represent, before Congress and the Securities Investor Protection Corp., a large national coalition of investors in Ponzi schemes, including Madoff’s and several others.
Lawyer for Madoff Whistleblower Launches Own FirmPosted by Brian Baxter
The longtime lawyer for Harry Markopolos, the forensic accountant who tried to warn the SEC about Bernie Madoff, is starting over.
Gaytri Kachroo stepped down from her position as international practice chair at McCarter & English three months ago because of potential conflicts over her work representing victims of Madoff's massive Ponzi scheme.
Last week, Kachroo hung out her own shingle in Kachroo Legal Services. At the moment, the firm is a one-lawyer shop based in Cambridge, Mass.
But the 47-year-old Kachroo has big plans.
Kachroo is focusing most of her attention on a global settlement for all Madoff victims (Kachroo prefers the term "innocent investors" to victims). Her proposal, she says, will provide a cohesive solution for Madoff claimants--Kachroo herself represents about 600--by forging alliances with other firms.
"I'm working on [forming] a consortium of firms in New York, Washington, and Boston," says Kachroo, who declined to publicly name the firms because she doesn't yet have signed agreements from all of them.
Since the Madoff fraud came to light, Kachroo has sought to leverage her connection as counsel to its chief whistleblower. She serves as vice chair of a global alliance of 50 firms representing Madoff investors, and has joined in its call for the creation of an international financial court.
Kachroo also assisted in collecting affidavits that were used for an internal investigation conducted by the SEC's inspector general. The investigation ultimately led to a 457-page report released last month detailing how Madoff systematically deceived the regulator for decades.
It's the SEC that Kachroo has in her sights.
She says the regulator must accept responsibility for its past failures by sponsoring a government-backed global Madoff settlement that will send a positive message to investors worldwide. (Kachroo commends current senior SEC officials for implementing changes to the way the agency operates.)
Taxpayers won't be responsible for funding an SEC-sponsored settlement, Kachroo says. Instead the money will come from a list of financial institutions identified by her and a team of affiliated firms.
"I don't want to go near the word 'bailout,'" she says. "The SEC was not the only agency or institution responsible--it shares responsibility with other financial institutions, many of whom have been bailed out. But they're still deep-pocketed and there's no reason for them not to come forward and settle their claims."
By partnering with the government as a group, Kachroo believes more financial institutions will be incentivized to come forward. The SEC or some other special government task force or commission can administer claims, she says.
It's a tall order for any firm, let alone a start-up, but Kachroo says she's already taken steps towards her goal. The technology behind a registration system for Madoff victims on her firm's Web site is worth nearly $4 million, she says. The money was "provided more or less pro bono" by a sympathetic IT company.
That system will enable Kachroo and those working with her to present the SEC with a comprehensive list of victim names and, as such, emphasize the potential for litigation against the agency, Kachroo says. She hopes to use her growing network of firms to enlist between 100,000 and 1 million investors--"the numbers are key," she adds--for a global settlement.
Kachroo Legal Services might be a one-person firm today, but it's namesake is ready to start hiring immediately.
"It's a big campaign that we're launching here and it's not going to be a one-person job," Kachroo says. "I'm getting outstanding resumes."
She hopes to soon hire one lawyer with six years of SEC experience, something she jokingly notes Markopolos would probably scoff at. A corporate lawyer by trade, Kachroo has a particular need for litigators experienced in fraud and securities cases. (Kachroo, who used to head McCarter's India initiatives, also hopes to add another corporate lawyer to assist with transactional work.)
Start-up capital for her new firm is coming partly from large groups of clients, both domestic and international, who are paying her to investigate and pursue claims against the SEC and certain financial institutions.
Kachroo's efforts to unify various investor groups has also been met with a positive response, she says, adding that the firms she hopes to affiliate with will also share some of the financial burden in order to get her campaign going.
And her star client is also branching out. Markopolos is writing a memoir and plans for a documentary are also in the works. The whistleblower and his team that spent nine years investigating Madoff will work closely with Kachroo's new firm.
The following story “The Whistleblower’s Lawyer,” appeared in the Summer 2009 Harvard Law Bulletin.
Gaytri Kachroo S.J.D. ’02 was preparing to fly to India for business when she got a call that thrust her into the midst of one of the largest financial stories of our time. The caller was her client Harry Markopolos, an independent fraud investigator who, in the ensuing 24 hours, would go from being an unknown Chicken Little to a national hero.
Markopolos had spent almost 10 years trying to convince federal regulators that the Wall Street wonder Bernard Madoff was running the largest Ponzi scheme in U.S. history—a $65 billion investment fraud that would spell financial ruin for thousands of individuals, charitable organizations and investment groups.
When he called Kachroo on the night of Dec. 11, Markopolos told her that Madoff had just confessed and that The Wall Street Journal would be breaking the story in the morning edition. He wanted her to advise and represent him.
It was quite a request, given that until that moment, Kachroo knew next to nothing about her client’s investigation of the Madoff affair and had no experience with the press. A transactional lawyer who now specializes in emerging markets in India and Southeast Asia, she had been representing Markopolos since he began his fraud investigation business in 2004, and she had developed a strong bond with him based on their shared belief that you don’t have to compromise your ideals to succeed.
When the story broke on Dec. 12, her client was flooded with requests from media around the world.
“I was a little overwhelmed initially,” said Kachroo, a partner at McCarter & English in Boston. “We were deluged with calls from CBS, ABC, NBC, CNN, The Wall Street Journal, and I was on the phone daily from Pune [India] with congressional counsel and SEC Inspector General David Kotz. I had to get up to speed in a hurry.”
Kachroo knew that all of their preparation in the coming weeks was leading up to the moment when Markopolos would testify before Congress. She worked with him on what names he could include without exposing himself to liability and pressed him on what he knew for certain from his own evidence as opposed to what he assumed based on information from others.
“I was asking Harry constantly what he really knew, not just what he thought, and I asked him to base his opinions solely on that,” Kachroo said. “This provided testimony that was palpably Harry’s own and something the public could identify with.”
The media were smitten by the image of Markopolos as a modern-day Cassandra, hounding federal regulators for nearly a decade to consider his evidence that Madoff was a fraud. Despite numerous letters from Markopolos culminating in a detailed 21-page memo in 2005, the U.S. Securities and Exchange Commission had ignored his warnings. Consequently, a scam that totaled about $7 billion when Markopolos first uncovered it in 1999 was allowed to grow to more than nine times that size.
According to Kachroo, the Madoff debacle is not an isolated occurrence, but a symptom of overwhelming flaws that plague our regulatory system.
“This is not a story about one rogue investor,” she said. “It’s a symbol for the systematic failure that we are experiencing in our financial systems. It’s about how we need to change the rules and the roles people play so this never happens again.”
On Feb. 4, Kachroo sat at her client’s side through four hours of congressional testimony in which he presented the House Financial Services subcommittee with his evidence against Madoff, his blistering criticism of the SEC and a series of specific suggestions on how to reform the nation’s financial regulatory system.
“Government has coddled, accepted and ignored white-collar crime for too long,” he told Congress. “It is time the nation woke up and realized that it’s not the armed robbers or drug dealers who cause the most economic harm; it’s the white-collar criminals living in the most expensive homes who have the most impressive resumes who harm us the most. They steal our pensions, bankrupt our companies and destroy thousands of jobs, ruining countless lives.”
Since her client’s testimony, the international financial crisis has occupied more of Kachroo’s professional focus.
She and Markopolos met with the new chairwoman of the SEC, Mary Shapiro, in mid-March to discuss her client’s recommendations for reforming the beleaguered regulatory agency.
The previous month, Kachroo was named vice chairwoman of the newly formed Global Law Firm Alliance, a coalition of 45 firms from 25 nations dedicated to assisting the estimated 3 million victims of the Madoff scam. Because of the complexities involved in adjudicating a worldwide financial fraud, the alliance has proposed the creation of an International Financial Court. Kachroo coordinated meetings with members of Congress and the White House and oversaw the draft proposal and its incorporation into the agendas for the European Union Summit in April and a G-20 meeting in September.
She has also been asked to represent, before Congress and the Securities Investor Protection Corp., a large national coalition of investors in Ponzi schemes, including Madoff’s and several others.
Lawyer for Madoff Whistleblower Launches Own FirmPosted by Brian Baxter
The longtime lawyer for Harry Markopolos, the forensic accountant who tried to warn the SEC about Bernie Madoff, is starting over.
Gaytri Kachroo stepped down from her position as international practice chair at McCarter & English three months ago because of potential conflicts over her work representing victims of Madoff's massive Ponzi scheme.
Last week, Kachroo hung out her own shingle in Kachroo Legal Services. At the moment, the firm is a one-lawyer shop based in Cambridge, Mass.
But the 47-year-old Kachroo has big plans.
Kachroo is focusing most of her attention on a global settlement for all Madoff victims (Kachroo prefers the term "innocent investors" to victims). Her proposal, she says, will provide a cohesive solution for Madoff claimants--Kachroo herself represents about 600--by forging alliances with other firms.
"I'm working on [forming] a consortium of firms in New York, Washington, and Boston," says Kachroo, who declined to publicly name the firms because she doesn't yet have signed agreements from all of them.
Since the Madoff fraud came to light, Kachroo has sought to leverage her connection as counsel to its chief whistleblower. She serves as vice chair of a global alliance of 50 firms representing Madoff investors, and has joined in its call for the creation of an international financial court.
Kachroo also assisted in collecting affidavits that were used for an internal investigation conducted by the SEC's inspector general. The investigation ultimately led to a 457-page report released last month detailing how Madoff systematically deceived the regulator for decades.
It's the SEC that Kachroo has in her sights.
She says the regulator must accept responsibility for its past failures by sponsoring a government-backed global Madoff settlement that will send a positive message to investors worldwide. (Kachroo commends current senior SEC officials for implementing changes to the way the agency operates.)
Taxpayers won't be responsible for funding an SEC-sponsored settlement, Kachroo says. Instead the money will come from a list of financial institutions identified by her and a team of affiliated firms.
"I don't want to go near the word 'bailout,'" she says. "The SEC was not the only agency or institution responsible--it shares responsibility with other financial institutions, many of whom have been bailed out. But they're still deep-pocketed and there's no reason for them not to come forward and settle their claims."
By partnering with the government as a group, Kachroo believes more financial institutions will be incentivized to come forward. The SEC or some other special government task force or commission can administer claims, she says.
It's a tall order for any firm, let alone a start-up, but Kachroo says she's already taken steps towards her goal. The technology behind a registration system for Madoff victims on her firm's Web site is worth nearly $4 million, she says. The money was "provided more or less pro bono" by a sympathetic IT company.
That system will enable Kachroo and those working with her to present the SEC with a comprehensive list of victim names and, as such, emphasize the potential for litigation against the agency, Kachroo says. She hopes to use her growing network of firms to enlist between 100,000 and 1 million investors--"the numbers are key," she adds--for a global settlement.
Kachroo Legal Services might be a one-person firm today, but it's namesake is ready to start hiring immediately.
"It's a big campaign that we're launching here and it's not going to be a one-person job," Kachroo says. "I'm getting outstanding resumes."
She hopes to soon hire one lawyer with six years of SEC experience, something she jokingly notes Markopolos would probably scoff at. A corporate lawyer by trade, Kachroo has a particular need for litigators experienced in fraud and securities cases. (Kachroo, who used to head McCarter's India initiatives, also hopes to add another corporate lawyer to assist with transactional work.)
Start-up capital for her new firm is coming partly from large groups of clients, both domestic and international, who are paying her to investigate and pursue claims against the SEC and certain financial institutions.
Kachroo's efforts to unify various investor groups has also been met with a positive response, she says, adding that the firms she hopes to affiliate with will also share some of the financial burden in order to get her campaign going.
And her star client is also branching out. Markopolos is writing a memoir and plans for a documentary are also in the works. The whistleblower and his team that spent nine years investigating Madoff will work closely with Kachroo's new firm.
Wednesday, 15 December 2010
STANFORD INVESTORS MUST FILE SEC ADMINISTRATIVE CLAIMS TO PRESERVE RIGHTS - IMPORTANT!!!
Before reading the following Blog posts it is important to point out to you all that Gaytri has been advised that the Stanford Case against the SEC is the strongest case there has been against them, and that she has also been told that our case stands the best chance of succeeding: although there is no guarantee.
The fact that you put your money into SIB through the bank in Antigua does not preclude you from joining this action, both David Brent and myself also went directly to SIB in Antigua and this does not affect our status for being eligible to join this action. This is open to ALL victims from ANYWHERE in the world regardless of where or how they invested their money with Stanford.
Although the official deadline for joining the action is 16th February 2011, that is the date Gaytri has to deliver the lawsuit to the SEC. She will need to prepare all the individual files on each claimant and supply the SEC with the names and amounts for each claimant, so we should be thinking of our deadline as the End of January in order for her to get everything together.
As David Brent has said, this is the best chance we have of recovery (in our opinion) and even if we are already signed up with Morgenstern and Blue or any other lawyer,, Gaytri is the only one dealing with this particular action so if you want to be included you will need to register with her. Again she has spoken to the lawyers on the committee and they have said they are not interested in taking on any more actions as they have their hands full with the work they are already pursuing. They will assist her with information (to a certain extent) but we have one chance at this and after speaking to her I feel positive about the outcome. David and I have asked PM repeatedly about taking action against the SEC and he has not replied in a positive manner, as I have already said he has his hands full with the cases he is already working on. He knows about this action and being signed up with him does not preclude you from joining this action, I am also signed with PM on the other cases.
Gaytri knows that many of us only have the statement from Vantis and she is prepared to accept this as proof of our accounts with SIB. With regard to SIPC cover, we have to separate this in our minds from any other action, this is separate and we are going after the SEC because they failed to do what they were supposed to do. If we get bogged down in what others are doing we will miss this window of opportunity. That is not to say that we will not still be working on trying to make sure that SIPC cover for the few does not mean the majority paying, we are still trying to get some answer on that one.
Although this is a sort of class action it is quite different from the normal class action in that any lawsuits against the SEC has to contain all the names and details of each claimant, together with a total amount that the lawsuit is seeking, that is why we each have to register and make a claim with Gaytri. Time is of the essence here and as David Brent has said we feel this is the best chance of recouping our losses. Contact the offices of Gaytri Katroo with your details and any question you may have. David and I will do our best to answer as many queries as possible, but read all the documents and then decide individually if you wish to go ahead and register. We also want to reach out to as many victims as possible with this opportunity so if you know anyone who does not read the forum can you inform them about what we are doing.
The fact that you put your money into SIB through the bank in Antigua does not preclude you from joining this action, both David Brent and myself also went directly to SIB in Antigua and this does not affect our status for being eligible to join this action. This is open to ALL victims from ANYWHERE in the world regardless of where or how they invested their money with Stanford.
Although the official deadline for joining the action is 16th February 2011, that is the date Gaytri has to deliver the lawsuit to the SEC. She will need to prepare all the individual files on each claimant and supply the SEC with the names and amounts for each claimant, so we should be thinking of our deadline as the End of January in order for her to get everything together.
As David Brent has said, this is the best chance we have of recovery (in our opinion) and even if we are already signed up with Morgenstern and Blue or any other lawyer,, Gaytri is the only one dealing with this particular action so if you want to be included you will need to register with her. Again she has spoken to the lawyers on the committee and they have said they are not interested in taking on any more actions as they have their hands full with the work they are already pursuing. They will assist her with information (to a certain extent) but we have one chance at this and after speaking to her I feel positive about the outcome. David and I have asked PM repeatedly about taking action against the SEC and he has not replied in a positive manner, as I have already said he has his hands full with the cases he is already working on. He knows about this action and being signed up with him does not preclude you from joining this action, I am also signed with PM on the other cases.
Gaytri knows that many of us only have the statement from Vantis and she is prepared to accept this as proof of our accounts with SIB. With regard to SIPC cover, we have to separate this in our minds from any other action, this is separate and we are going after the SEC because they failed to do what they were supposed to do. If we get bogged down in what others are doing we will miss this window of opportunity. That is not to say that we will not still be working on trying to make sure that SIPC cover for the few does not mean the majority paying, we are still trying to get some answer on that one.
Although this is a sort of class action it is quite different from the normal class action in that any lawsuits against the SEC has to contain all the names and details of each claimant, together with a total amount that the lawsuit is seeking, that is why we each have to register and make a claim with Gaytri. Time is of the essence here and as David Brent has said we feel this is the best chance of recouping our losses. Contact the offices of Gaytri Katroo with your details and any question you may have. David and I will do our best to answer as many queries as possible, but read all the documents and then decide individually if you wish to go ahead and register. We also want to reach out to as many victims as possible with this opportunity so if you know anyone who does not read the forum can you inform them about what we are doing.
STANFORD INVESTORS MUST FILE SEC ADMINISTRATIVE CLAIMS TO PRESERVE RIGHTS
A month ago we asked the Investors Committee if they were prepared to sue the SEC if investors so decided.
We have still not received a written reply but received a verbal response that they were "continuing to review the situation."
Meanwhile the clock is ticking on the statute of limitations, and unless a claim is made against the SEC before February 16th 2011, we will all be barred from claiming against them. Forever.
Since then, WendyAnne, WCCI, Patron1, Jaime, and I, have been searching for a new lawyer to sue the SEC on our behalf.
On November 11th 2010, Dr Gaytri Kachroo, of Kachroo Legal Services, in Cambridge, Massachusetts, filed a class-action against the SEC on behalf of the Madoff victims.
Of the three class-actions against the SEC on behalf of the Madoff victims, we believe this has the best chance of succeeding (one of these actions has been brought in Luxembourg by an investment fund and is of no relevance to us).
Over the last few weeks we have had lengthy discussions with Dr. Kachroo, and have held several conference calls in order to determine the process forward.
On behalf of all the other investors who have put in a great deal of effort in such a short space of time I am very pleased to announce that Dr Kachroo has agreed to sue the SEC on behalf of the Stanford victims.
The suit is for the benefit of all the victims who sign-up, whether domestic (US) or International, and we shall all have equal status.
Copies of Kachroo Legal Services letter of engagement together with a brief statement will follow, together with questions and answers from our last conference call.
Jaime has also made submissions which no doubt he will also be posting.
Before reading through all the documentation, I would like to highlight a few very important points:
1. As this is an action against the US Government, it can not be a class-action in the normal sense. Only the investors who have joined-in and claimed under the suit will be included. No other victims will be able to join-in later.
2. After the statute of limitations expires (which we believe will be on February 16th 2011), unless investors have already registered and their claims have been submitted, they will be barred from suing the US Government and the SEC.
3. Kachroo Legal Services have to prepare a separate claim for each investor who decides to join the class, in advance of filing of the class-action. This will obviously take some time, and clearly time is of the essence. We should each decide whether to sign-up sooner rather than later.
4. The fees are explained in KLS letter of engagement, but in brief; there is a registration fee, on a sliding scale from $500 to $1500 per investor, commensurate with the level of investment, with no limit to the number of accounts per investor. This registration fee is to finance the cost of the class-action. There will also be a contingency fee of 15%, plus reasonable expenses, due from the recovery, if the class-action is successful.
I do not want to mislead anybody. This will be a tough case. There will be a motion to dismiss by the US Government, on the grounds of sovereign immunity, that will first have to be overcome before we can even start to tackle the SEC.
I have had several discussions now with Dr Kachroo and I have found her very moral and righteous, someone who I believe will fight for all the victims.
Dr Kachroo believes the Stanford victims have a better chance of winning against the SEC than the Madoff victims, and so do I.
Personally I would hate to be left out if this case is successful, but you must each make your own decisions whether to participate in this action or not.
This is the website of Kachroo Legal Services:
http://www.kachroolegal.com/
If I can be of any further assistance to any investors please post your concerns, or send either WendyAnne or myself a PM (In this case, PM means Private-Message). We will try to answer all questions to the best we can. Time is of the essence.
We have still not received a written reply but received a verbal response that they were "continuing to review the situation."
Meanwhile the clock is ticking on the statute of limitations, and unless a claim is made against the SEC before February 16th 2011, we will all be barred from claiming against them. Forever.
Since then, WendyAnne, WCCI, Patron1, Jaime, and I, have been searching for a new lawyer to sue the SEC on our behalf.
On November 11th 2010, Dr Gaytri Kachroo, of Kachroo Legal Services, in Cambridge, Massachusetts, filed a class-action against the SEC on behalf of the Madoff victims.
Of the three class-actions against the SEC on behalf of the Madoff victims, we believe this has the best chance of succeeding (one of these actions has been brought in Luxembourg by an investment fund and is of no relevance to us).
Over the last few weeks we have had lengthy discussions with Dr. Kachroo, and have held several conference calls in order to determine the process forward.
On behalf of all the other investors who have put in a great deal of effort in such a short space of time I am very pleased to announce that Dr Kachroo has agreed to sue the SEC on behalf of the Stanford victims.
The suit is for the benefit of all the victims who sign-up, whether domestic (US) or International, and we shall all have equal status.
Copies of Kachroo Legal Services letter of engagement together with a brief statement will follow, together with questions and answers from our last conference call.
Jaime has also made submissions which no doubt he will also be posting.
Before reading through all the documentation, I would like to highlight a few very important points:
1. As this is an action against the US Government, it can not be a class-action in the normal sense. Only the investors who have joined-in and claimed under the suit will be included. No other victims will be able to join-in later.
2. After the statute of limitations expires (which we believe will be on February 16th 2011), unless investors have already registered and their claims have been submitted, they will be barred from suing the US Government and the SEC.
3. Kachroo Legal Services have to prepare a separate claim for each investor who decides to join the class, in advance of filing of the class-action. This will obviously take some time, and clearly time is of the essence. We should each decide whether to sign-up sooner rather than later.
4. The fees are explained in KLS letter of engagement, but in brief; there is a registration fee, on a sliding scale from $500 to $1500 per investor, commensurate with the level of investment, with no limit to the number of accounts per investor. This registration fee is to finance the cost of the class-action. There will also be a contingency fee of 15%, plus reasonable expenses, due from the recovery, if the class-action is successful.
I do not want to mislead anybody. This will be a tough case. There will be a motion to dismiss by the US Government, on the grounds of sovereign immunity, that will first have to be overcome before we can even start to tackle the SEC.
I have had several discussions now with Dr Kachroo and I have found her very moral and righteous, someone who I believe will fight for all the victims.
Dr Kachroo believes the Stanford victims have a better chance of winning against the SEC than the Madoff victims, and so do I.
Personally I would hate to be left out if this case is successful, but you must each make your own decisions whether to participate in this action or not.
This is the website of Kachroo Legal Services:
http://www.kachroolegal.com/
If I can be of any further assistance to any investors please post your concerns, or send either WendyAnne or myself a PM (In this case, PM means Private-Message). We will try to answer all questions to the best we can. Time is of the essence.