Reuters: Regulatory News: US SEC seeks appeal in bid to help Stanford victims file claims

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US SEC seeks appeal in bid to help Stanford victims file claims Aug 31st 2012, 19:59 WASHINGTON | Fri Aug 31, 2012 3:59pm EDT WASHINGTON Aug 31 (Reuters) - U.S. securities regulators said on Friday they would appeal a federal judge's ruling rejecting their request for an industry-backed fund to start a court proceeding that could help compensate the victims of Allen Stanford's $7 billion Ponzi scheme. The Securities and Exchange Commission announced its decision in a filing in Washington D.C.'s federal district court late Friday afternoon. The SEC is trying to force the Securities Investor Protection Corp to start liquidation proceedings for the victims, some of whom lost millions of dollars in the fraud. In July, a federal judge rejected the plea, saying the agency had not meet its legal burden to show why SIPC should be compelled to act.

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