Government Eyes Stanford Lands

The Antigua and Barbuda Government plans to make an offer to the Joint Liquidators of the Stanford Development Company (SDC) for the purchase of the Pavilion Restaurant and seven acres of adjacent land.

This comes out of a meeting of the Cabinet on Wednesday. Reliable sources say the decision to procure the property which sits within the precincts of the V.C. Bird International Airport is influenced by a number of factors……..

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/




Five years after Stanford scandal, many victims penniless

StanfordJailBird
Five years after learning they were victims of a $7 billion Ponzi scheme, investors in the Stanford Financial Group say they feel abandoned, even though their losses rival those in the Madoff scam that was revealed two months earlier.

Unlike the Madoff case, in which a court-appointed trustee has said he is well on his way to recovering all of the investors’ principal—estimated at $17.5 billion—Stanford victims have recovered less than one penny on the dollar since the Securities and Exchange Commission sued the firm and a court placed it in receivership on Feb. 17, 2009.

“I do have to say the Stanford victims do feel like the stepchildren in the Ponzi world,” said Angela Shaw Kogutt, who estimates her family lost $4.5 million in the scam. Shaw heads the Stanford Victims Coalition, which has been trying for years to drum up support in Washington.

Some 28,000 investors—10 times the number of direct investors in the Madoff case—bought certificates of deposit from Stanford International Bank in Antigua, which was owned by Texas financier R. Allen Stanford. Stanford’s U.S. sales force had promised the investors—many of them retired oil workers—that the CDs were at least as safe as instruments from a U.S. bank. But a jury later found most of the clients’ money financed Stanford’s lavish lifestyle instead of the high-grade securities and real estate it was supposed to.

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/




Ex-envoy who aided Ponzi schemer Stanford must pay $758,000, Dallas jury decides

A federal jury decided Friday that former U.S. Ambassador to Ecuador Peter Romero can’t keep more than $758,000 in fees, expenses and interest he earned while lending his counsel and credibility to disgraced billionaire Allen Stanford.

Romero will have to pay that sum to the court-appointed receiver who sued him and about a dozen other members of Stanford’s handpicked cadre of well-connected advisers. Romero’s was the first of many such trials, including one set for March seeking to claw back $5 million paid to former Texas Lt. Gov. Ben Barnes.

Stanford was convicted in 2012 of money laundering and fraud and is serving a 110-year sentence in a federal prison in Florida. He has appealed his conviction to the 5th U.S. Circuit Court of Appeals. Receiver Paul Janvey has alleged that Romero and the other well-placed consultants failed to ask even the simplest of questions about Stanford’s phony banking empire.

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/




Stanford Receiver’s $1.1M Trial Against Ex-Diplomat Wraps Up

Law360, Dallas (February 12, 2015, 7:50 PM ET) — A former diplomat facing down a fraudulent-transfer suit brought by the receiver in the R. Allen Stanford Ponzi scheme told a Texas jury on Thursday there is a “meanness” in the claim he must return $1.1 million he was paid in eight years of working for Stanford.

 On the final day of a four-day trial against former U.S. Ambassador to Ecuador Peter Romero, Romero’s attorney Pat Long of Squire Patton Boggs LLP told jurors in closing statements it’s not right for the receiver to try to…

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



Ex-ambassador says he ‘had no earthly idea’ of Stanford fraud

Former U.S. Ambassador Peter Romero looked straight at his seven jurors Wednesday and told them that in seven years working as a key adviser to Allen Stanford, he never had a clue that the man who had helped hire him away from the State Department in 2001 was a criminal or a cheat.

“I had no earthly idea that Stanford Financial Group was a Ponzi scheme,” Romero said.

Stanford is serving 110 years in prison, and about 20,000 investors who bought his bank’s certificates of deposit over at least 10 years have recovered only a penny on the dollar as more than $5 billion disappeared in the widest-reaching financial fraud in modern history.

Romero is being sued for $1.1 million, including $700,000 in fees, plus expenses, that Stanford paid him over seven years to sit on his international advisory board. The trial is in federal court in Dallas before U.S. District Judge David C. Godbey.

 

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/