![]() ![]() brokerage, Stanford Group Co, according to public records and people familiar with the matter.īut legal disagreements among SEC officials and recusals by some of the commissioners have fuelled delays that have left both the potential defendants and the victims of Stanford’s Ponzi scheme in limbo. Since then, the SEC has continued to build cases against four executives and at least three lower-level financial advisers who worked for Allen Stanford’s U.S. “Professionally, (it’s like) wearing the stigma of the red S on your chest,” Young said.Īllen Stanford was sentenced in June to 110 years in prison for bilking investors with fraudulent certificates of deposit issued by his Stanford International Bank in Antigua. In his first media interview since the discovery of Allen Stanford’s $7 billion Ponzi scheme in 2009, Young and his attorney told Reuters they believe the SEC’s stalling has unfairly denied him his right to due process. MGL Consulting, where he is currently chief executive officer, has lost 20 percent of its clients, filed for bankruptcy and had regulators kill the firm’s expansion plans - all driven by the stigma of the probe, Young says. In those two years, Young says his life has been put on hold as the cloud of the Securities and Exchange Commission probe has overshadowed his attempts to move on professionally. ![]() securities regulators about whether he will be charged over his role as compliance officer at the brokerage owned by convicted Ponzi schemer Allen Stanford. WASHINGTON (Reuters) - Bernerd Young has waited more than two years for a final decision from U.S.
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