SEC reins in receiver in Stanford ponzi case

The CDs are central to what the federal government said was a massive scheme by Stanford and his companys top officers to defraud an estimated 20,000 investors.

Stanford and four executives,who also face criminal charges in Houston,are accused of advising clients to invest more than 7 billion in CDs from the Stanford International Bank and then misusing the money,in part to pay for Stanford8217;s lavish lifestyle.

In a concession to Janvey,the judge agreed to extend by 10 days a freeze on accounts containing principal invested in CDs. The freeze was set to expire Monday,which would have allowed investors to get their money back.

The move gives Janvey time to appeal Godbeys ruling,which Janvey said he plans to do. Janvey is responsible for tracking down billion of dollars that federal prosecutors said was lost and try to help jilted investors.