“Many of these accounts are retirement accounts on which people depend.” – J Mark Brewer, email to Adam Shapiro, Fox News

Phil Groom writes:

On Thursday March 5th 2009 the Honorable David C Godbey, US District Judge in Dallas, passed an order (Scribd | PDF) that Stanford accounts with a balance below $250,000 not linked to suspected fraud should be released. Fox News have reported the story, citing an email from J Mark Brewer as follows:

J. Mark Brewer, the Houston attorney who filed suit against the SEC in this matter, was pleased with this latest development; however he believes the SEC is still overstepping its boundaries.

“I firmly believe that these individuals’ accounts should never have been frozen in the first place and many people have suffered huge damages as a result of this unprecedented, over-reaching action by the SEC,” Brewer said in an email to FOX Business correspondent Adam Shapiro. “The $250,000 threshold requested by the SEC and approved by the attached order is an unfair and arbitrary number, especially considering that many of these accounts are retirement accounts on which people depend.”

I’ve left the following comment on the story:

This is good news for all affected! One can only hope that J Mark Brewer is equally concerned about the welfare of his former bookshop employees here in the UK whose wages he has frozen and whose pension contributions have gone AWOL – retirement money that they too are depending on. Perhaps someone from Fox News would like to ask Mr Brewer some searching questions about his rather innovative UK business practices? Visit SPCK/SSG: News, Notes & Info to find out more: https://spckssg.wordpress.com. Thank you.

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One response to ““Many of these accounts are retirement accounts on which people depend.” – J Mark Brewer, email to Adam Shapiro, Fox News

  1. Valiant for Truth

    One problem with contacting the US re our problems is language, coupled with custom and practice. We speak about “pensions funds” and they speak about “retirement accounts”, and, of course, most organisations in the States don’t have pension funds, National Insurance and Pay As You Earn are different and so on. The Brewers from day one did not wish to acknowledge the differences, and arrogantly felt that we should follow the American way of doing things, not that they as UK visitors running UK establishments, should discover the right British way. Staff should, of course, be saving their own cash for pensions (and those that were through AVC’s lost out on that one), taking out health insurance (spending from their meagre wages), and filling in self assessment tax forms, even though that isn’t the way it works here. What can you do when you mix ignorance, arrogance and total disregard for ethical behaviour?

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