Baton Rouge-area Stanford Financial Group investors filed an appeal this afternoon with the U.S. Court of Appeals. The defendants are in opposition of the Stanford Receiver Ralph Janvey’s attempt to hold and claw back any interest payments they may have received over a five-year period leading up the Securities & Exchange Commission’s seizure of Stanford entities on Feb. 17. Phil Preis, the attorney with Preis Gordon who filed the cross appeal on behalf of the Baton Rouge-area clients, says Michael Quilling, an attorney representing more than 30 Stanford account holders, also filed an appeal this afternoon.
The court is scheduled to hear oral arguments on the matter on Nov. 2. At that time, Janvey will also make a claim, again, that he has the right to take back principal investments from innocent Stanford investors, as well as any interest payments. Preis and the Securities and Exchange Commission have argued in opposition of these claims, especially in the case that the investors lost more money in the alleged fraud than they redeemed in interest payments. To read the appeal filed by Preis, click here.—Olivia Watkins
