The U.S. authorities sued by Stanford investors for freezing assets

A clutter around Stanford’s case is increasing as the Stanford Group’s account holders file a lawsuit against the U.S. Securities and Exchange Commission, the U.S. Marshals Service and Stanford's court-appointed receiver Ralph Janvey. The filing states that the government has no right to seize and freeze the assets of the bank clients.

While the securities watchdog along with other government officials seek to save the money for investors and creditors other account holders are left out of pocket as they have no access to their money in the bank. As the lawsuit states the SEC and Janvey "have not come forward with any evidence that the owners of the seized accounts did anything wrong, yet defendants continue to exercise control over plaintiffs' property in a reckless and negligent manner.”

Investors are rearing up with the court decision to freeze the assets as they cannot pay their medical bills, mortgages, buy groceries and other things. The amount of damages per the latest lawsuit is unspecified.