FOX Business Network Sues The SEC

The cable-business channel FOX Network (FBN), has filed a lawsuit against the Securities and Exchange Commission (SEC) over its failure to respond to FBN’s request for information under the Freedom of Information Act concerning alleged fraud mastermind R. Allen Stanford.

FBN made its initial request on Feb. 26, 2009, for information about the SEC’s response to complaints, tips, inquiries or any potential violations of the securities laws or wrongdoing by R. Allen Stanford, who allegedly ran a large Ponzi scheme via his Stanford Financials Group and/or its affiliates.

Kevin Magee, Executive Vice President of FOX News commented, “It is unacceptable that titans like R. Allen Stanford or Bernard Madoff were able to operate such massive financial frauds under the nose of institutions like the SEC. As a news organization, we believe it is the public’s right to know how these economic atrocities were committed as part of our continued quest to demand government accountability on behalf of the American taxpayers.”

Fox Business recently won a court order over the Treasury Department’s failure to respond to Freedom of Information Act requests regarding use of the bailout funds and the Federal Reserve’s extended loan facilities.

In February, the Federal Court in New York sided with FBN and ordered the Treasury to comply with the network’s requests.

Fox channel is owned by News Corp. (NWSA) and delivers real-time information across all platforms that impact both Main Street and Wall Street.

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