MANHATTAN (CN) - Fox News wants the Securities and Exchange Commission to hand over documents involving Robert Allen Stanford for allegedly running a multi-billion dollar Ponzi scheme. Citing a "compelling and immediate need for the documents ... because the public would like to know how to avoid financial predators in the marketplace," Fox claims in Federal Court that it requested the documents last month, but the SEC failed to respond within the 10-day deadline.
"The need to provide the public with the information contained in the requested records is especially urgent given the public's heightened concern about the integrity of the financial markets and the prevailing lack of confidence in those markets," the complaint stated.
Last month, the SEC accused the Texas financier and his Stanford International Bank of orchestrating a billion-dollar fraud using investors' money and doctoring records to cover it up.
The news agency wants access to the documents. It is represented by Steven Mintz with Mintz Gold of New York.
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