The New York Times reports today that investors who lost their savings in certificates of deposit issued by the Antiguan bank of R. Allen Stanford told a Congressional panel Monday that federal regulators had ignored warnings as early as 2003 that the bank’s finances were questionable.
The S.E.C. has been criticized for not acting quickly enough to halt Mr. Stanford’s fraud. The agency’s internal watchdog said last month that the agency’s efforts to pursue Mr. Stanford were hampered by a lack of cooperation by the Texas billionaire and the head of Antigua’s financial regulator.
Regulators Were Told of Stanford Fraud, Investors Say
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