Senate Grills SEC on Allen Stanford’s Alleged $8B Ponzi Scheme

The Senate Banking Committee is holding a hearing Wednesday to look into the SEC’s investigation of an alleged $8 bln Ponzi scheme led by Allen Stanford. Though the SEC “found strong evidence” Stanford was likely operating a Ponzi scheme as early as 1997, the SEC did not bring charges against Stanford until 2009,” said Senate Banking Chairman Chris Dodd (D., Conn.). – TheStreet.com.