Home / Markets / Industries / Government

Monday, March 23, 2009

FOX Business Sues SEC for Details on Stanford Case

FOXBusiness

FOX Business Network has sued the Securities and Exchange Commission over failure to respond to an expedited request for information under the Freedom of Information Act.

The FOIA request, filed on Feb. 26, sought all records relating to information that the SEC received regarding the potential violations of the securities laws or any other potential wrongdoing by R. Allen Stanford, or Stanford Financial Group and/or its affiliates.

The request included, but was not limited to, the SEC’s response to complaints, tips or information and any resulting audits, inquiries and investigations.

The FOIA complaint was filed by FOX News Network, LLC, as owner of FBN. FBN has also filed lawsuits against the Treasury Department and Federal Reserve over their failure to respond to FOIA requests regarding use of the bailout funds and the Fed’s extended loan facilities. In February, the Federal Court in New York sided with FBN and ordered the Treasury to comply with the FBN’s requests.

Kevin Magee, Executive Vice President of FOX News commented, “It is unacceptable that titans like R. Allen Stanford or Bernard Madoff were able to operate such massive financial frauds under the nose of institutions like the SEC. As a news organization, we believe it is the public’s right to know how these economic atrocities were committed as part of our continued quest to demand government accountability on behalf of the American taxpayers.”

Fox Business Video

- Euro Debt Could Boost Gold
- Feb 9, 2010
  
  FOXBusiness.com LIVE
- Health-Care Reform vs. Job Creation
- Feb 9, 2010
  
  Question of the Day
- Ron Paul on Stimulus
- Feb 9, 2010
  
  Future of government bailouts?
- U.S. No Longer the Space Explo...
- Feb 9, 2010
  
  Future of space program
- Toyota Will Recover
- Feb 9, 2010
  
  Will the auto manufacturer bounce back?