The Associated Press
DALLAS (AP) - The receiver appointed to take over the companies run by Texas billionaire R. Allen Stanford is meeting resistance in his efforts to recover money the government says went missing in a Ponzi scheme.
The Securities and Exchange Commission filed an emergency motion that will be heard in federal court Friday evening opposing Dallas lawyer Ralph Janvey's efforts to sue more than 600 investors for nearly $1 billion.
The SEC is trying to rein in Janvey, saying his lawsuit is against innocent investors who should not have to return the money they received from investing in certificates of deposit at a Stanford-run bank in Antigua.
Janvey says the money he is trying to get back from investors was money stolen from other Stanford investors.