Canadian lawyer sues U.S. government over Allen Stanford ponzi scheme

Financial Post | Business

Investors lost billions in the ponzi scheme orchestrated by Texas tycoon Allen Stanford, and now a Canadian lawyer believes he has an innovative legal strategy to recover funds for victims of the fraud who reside outside the United States.

Todd Weiler, who specializes in international law, believes that “unconscionable negligence and/or manifest incompetence” on the part of U.S. regulators may have breached the foreign investor protection provisions of several international trade treaties signed by the U.S. government.

If this had happened to Americans in Mexico, there’d be no doubt that those Americans would be bringing a NAFTA claim against Mexico

A request for arbitration and statement of claim the London, Ont. lawyer has delivered to the U.S. Department of State alleges that the U.S. Securities and Exchange Commission was aware of problems at the Stanford Group of Companies (SGC) and at Stanford Financial Group (SFG) as early as 1997. Yet…

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