Judge: Stanford receiver can only claw back interest
On Friday a federal judge in Dallas ruled that Stanford investors who moved money out of the CD accounts before the SEC shut the company down in February should be able to keep their principal.
And while the court-appointed receiver, attorney Ralph Janvey, has vowed to appeal the ruling, which means he can only claw back interest earned on the so-called CDs, Friday’s decision was the first real sign of hope for a number of Lafayette area investors. (View a comprehensive list of investors who withdrew money from the CDs here.)
The SEC has been fighting to strip Janvey of any clawback powers, but U.S. District Judge David Godbey denied the regulatory agency’s request. Godbey, however, put his ruling on hold for 10 days, saying he wants to give Janvey time to seek a second opinion on the issue of whether clawbacks should also apply to principal, Bloomberg reported.
The ruling does not affect local Stanford investors with money sitting in the CD accounts when the SEC moved in. They are still expected to recover only pennies on the dollar.
There will soon be a whole lot of shakin’ going on at Benny’s Sportshack Supplement Depot, a new concept by Opelousas native Benny Nele. Located at 2002 Johnston St., the supplement shop, smoothie bar and café, featuring hot off the press paninis and wraps, plans to open in late May.
Philip deMahy Sr., a once respected New Iberia ad exec, was sentenced May 2 to spend the next two years (he faced up to 100 years) in a state penitentiary after state and federal investigators found dozens of images depicting children engaged in lewd sexual acts on his personal computer.