The U.S. Securities and Exchange Commission is seeking to prevent Ralph Janvey -- the receiver appointed to liquidate Stanford assets -- from suing investors for proceeds they got from Texan financier Allen Stanford.
Janvey, appointed in February to oversee the search for Stanford's assets and return them to shareholders, has said he would consider pursuing claw back claims from customers who redeemed funds from accounts before his appointment.
In a court filing on Monday, the SEC said Janvey's claims against innocent investors seeking the return of principal are not supported by case law and are contrary to commission practice.
The SEC said in the court filing that Janvey had misinterpreted the authority upon which he relies.
The Stanford Financial Group Receivership could not be immediately reached for comment.
Stanford is accused by U.S. prosecutors of leading a $7 billion Ponzi scheme involving certificates of deposit issued by his bank in Antigua.
The civil case is filed in federal court in Dallas under 3:09-cv-00298-N Securities and Exchange Commission v. Stanford International Bank Ltd et al. The criminal case is filed in Houston under 4:09-cr-00342 USA v. Stanford et al.