According to the SEC press release, it has acted with lightning speed:
Said Linda Chatman Thomsen, Director of the SEC’s Division of Enforcement: "We are moving quickly and decisively in this enforcement action to stop this fraudulent conduct and preserve assets for investors."
But most reports have the SEC investigating Stanford for many months, while according to Matt Goldstein of BusinessWeek, "people familiar with the probes say the SEC investigation goes back at least three years and possibly longer".
It’s quite clear that if the SEC had nipped this fraud three years ago, an enormous amount of damage would have been avoided. So is the SEC "moving quickly and decisively", or is it actually acting very slowly indeed?
It’s also worth asking whether it’s purest coincidence that the SEC action comes exactly one week after questions about Stanford started being raised in the media (a/k/a my blog). They slowly investigate for months if not years, and then the minute the story hits the press they’re suddenly ready to go to court? Weird. After all, my blog entry just piggybacked on analysis performed by Alex Dalmady back in October — analysis which he only got around to writing up in January.
I’m certainly glad that the SEC has moved decisively in this case, and didn’t wait for Stanford to give himself up, a la Madoff. But there’s really no indication that the SEC has moved quickly.
Update: Goldstein now puts the duration of the SEC investigation at "about two years".
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Michael Quilling and Steve Korotash be aware of these people they are monsters. I can not tell you how many opportunities I have lost because of these two incompetent attorney’s. In the case of Megafund Corporation, Stanley A. Leitner, Sardaukar Holdings, IBC, Bradley C. Stark. The way he talks about my father in this case is not true and they never made a retraction. They lied and played games with words. He-Michael Quilling also failed to tell you that his law firm made 1 million dollars on this case in legal fees. Another words his word is not the truth it is a opinion. He makes it sound that my father intentionally meant to harm investors. That’s lie number one. My father was a victim in a investment scheme.He did not know that the investment thru Brad Stark of California was a bogus deal at the time anymore than the investors did that had invested with Bernie Madoff. He got duped just like the investor’s in that case did. If you have to deal with Michael Quilling or Steve Korotash make sure you have an attorney because in my opinion they do not care if you lost your money in a investment or not . All they care about is themselves.