Grant Thornton Notice to Creditors Re Net Wins and Preferences

The Joint Liquidators determined after taking appropriate legal advice that certain payments made by Stanford International Bank Limited (whilst it was still operating) were made in a way that they should be “clawed back” into the Liquidation estate, and re-distributed amongst all the of the creditors/victims. In effect, the Joint Liquidators say that these payments were made from money that should have been available to all victims, not just the few. The Joint Liquidators have provided, or will provide, written notice to all those who received such payments, also described as “Net Winners” or Preferences Recipients”, of this position. If all such amounts were recovered and re-distributed, this would result in an additional 24% of their approved claims to the 80%+ of creditors/victims who did not benefit from these payments.

To read the full transcript along with the Amicus order issued by the court click here.


For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum



AMENDED CLAIM FILED against Toronto Dominion Bank

The plaintiffs claim from the defendant, The Toronto-Dominion Bank (“TD Bank”):


(a) damages in the Canadian dollar amount equivalent to US$5.5 billion and further amounts to be determined prior to trial;

(b) an accounting and disgorgement of profits in amounts to be determined prior to trial;

(c) prejudgment and post-judgment interest on the foregoing amounts pursuant to the Court of Justice Act;

(d) costs of this action on a substantial indemnity basis plus H.S.T.; and (e) such further and other relief as this Honourable Court may deem just.

To view the full lawsuit filed by Grant Thornton against Toronto Dominion Bank on April 11th 2014 click here

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum


At Last we may see some justice………….

By Murray Waas May 22 2014

A private security guard blocks entrance to a branch of the Bank of Antigua in February 2009, after Antigua’s prime minister, Baldwin Spencer, urged people not to panic over a US fraud probe involving Texas billionaire R. Allen Stanford. Photo via Getty Images

The former most senior banking regulator of the Caribbean island nation of Antigua, Leroy King—who was indicted in the US in June 2009 for taking bribes to turn a blind eye to and cover up since-jailed Houston financier R. Allen Stanford’s $7 billion Ponzi scheme—has recently had preliminary discussions with US authorities about accepting a plea agreement in the case, according to people familiar with the matter.

King may be able to provide heretofore unknown but crucial new information about the role of two former Securities and Exchange Commission attorneys, Thomas Sjoblom and Spencer C. Barasch, who after their time at the SEC represented Stanford as private attorneys before the agency, according to the aforementioned sources. King allegedly falsified certified reports in Antigua that Stanford’s bank was solvent and sent phony audits to the SEC to deceive US regulatory authorities.

Besides turning a blind eye to the Ponzi scheme that Stanford masterminded via his offshore bank in Antigua, King allegedly tipped off Stanford on occasions when the SEC sought information from Antiguan authorities about Stanford’s financial activities in the island nation. On two occasions, according to allegations made in federal court by the United States Department of Justice in September 2009, King allegedly provided Stanford with confidential letters that the SEC had previously sent to King in an attempt to investigate Stanford International Bank’s business in Antigua.

A confidential federal law enforcement memo suggests that there is strong circumstantial evidence that Sjoblom—and to a lesser extent Barasch—were aware of the arrangement whereby King provided them with the sensitive inside information from inside the SEC. The same memo indicates that investigators were also said to be interested in whether Sjoblom or Barasch knowingly exploited inside information in their legal defense of Stanford before the SEC. Both Barasch and Sjoblom declined to comment for this story.

In June 2009, King, the administrator and chief executive officer of Antigua’s Financial Services Regulatory Commission, was indicted by the Justice Department on charges of accepting bribes to protect the Stanford Ponzi scheme and supply Stanford with confidential information about the SEC’s investigation. Stanford paid the bribes, in part by depositing money for King regularly in a Swiss bank account, according to the indictment of King.

One of the former SEC officials, Thomas Sjoblom, was previously investigated by the US Department of Justice in relation to his private legal work for Stanford. Two former top aides to Stanford, who pled guilty and became government witnesses against Stanford and others, alleged to federal authorities that Sjoblom had suborned the perjury of one of them to help Stanford conceal his Ponzi scheme, the Justice Department claimed in papers filed in federal court in Houston.

As I first reported for Reuters in 2010, the Justice Department investigated Sjoblom for obstruction of justice, witness tampering, and conspiracy. They even considered charging him with these offenses. Extraordinarily, Sjoblom offered to testify against Stanford—his own client—if Sjoblom was not charged himself.

Quoting from my piece for Reuters:

People with firsthand knowledge of the matter say that Sjoblom had offered the Justice Department his testimony against Stanford in exchange for a grant of immunity from prosecution for himself—an offer rejected by the Justice Department. Prosecutors demanded a formal acknowledgment by Sjob

To join the debate click here.

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum

Gov’t keen to offer incentives for Guiana Island project

This could be good news for Stanford victims if Grant Thornton are able to sell Guiana island. No figures mentioned but we can assume Grant Thornton will be requiring a substantial sum for the sale of the island. which in turn will result in more money for the victims

ST JOHN’S, Antigua – Finance Minister Harold Lovell said Yida International Investment Antigua Limited, led by Yida Zhang, is seeking approval under the Citizenship by Investment Programme (CIP) as well as incentives under the Business and Tourism (Special Incentives) Act for a mega resort and residential development on Guiana Island and surrounding areas.

“Government has approved the project and is willing to give the necessary concessions,” Lovell said.

“We have done everything we can to facilitate the project and get it moving,” he added. “The possibilities exist that we do what is necessary in order to ensure that the project comes off the ground.”

Lovell said the group is still finalizing its purchase of the 1,517 acres of waterfront land, including Guiana Island, Crump and Rabbit Island and the Crump Peninsula, from the Stanford liquidators.

The IPR concept for the area put to market by the Stanford liquidators includes five hotels with 1,060 keys, 1,300 residential units, a casino and conference center, golf course (27 holes), marina and landing facilities and commercial, retail and sports facilities.

Lovell said the government has been doing its part to ensure the mega project can move ahead full speed, but is waiting for the group to finalise its purchase from the Stanford liquidators.

To join the debate click here.

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum


Open Letter from COViSAL to JLs & Antigua Court Objecting to Letter of “Preference” Payments & “Proposal



May 12, 2014

Open Letter from COViSAL to the Joint Liquidators and the High Court of Justice of Antigua and Barbuda objecting to letter of “Preference” Payments and “Proposal”

The Joint Liquidators Proposal to Stanford’s victims: Pittance, intimidation, or both?

On February 17, 2014, COViSAL denounced the Joint Liquidators’ actions to claw back funds from innocent victims by sending a very damaging letter asking for the return of money withdrawn from their accounts during the six months prior to the collapse of the Stanford International Bank Limited (“SIBL”). They demanded a response within 120 days of receipt of the letter. COViSAL’s response can be read at

The Joint Liquidators of SIBL, Marcus Wide and Hugh Dickson of Grant Thornton, then sent another letter dated April 9, 2014 to a select group of innocent Stanford victims with a proposal titled: Stanford International Bank Limited in Liquidation – Proposal re Preference Claims and Distribution Process.

The letter states that innocent victims received “preference” payments under the Joint Liquidators interpretation of the International Business Corporation Act (“IBCA”) of Antigua. We have reason to believe that their attempts to recover the alleged “preferential” payments are flawed under Section 204 of the IBCA.


To read the full transcript click here.

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum