Chadbourne & Parke Agrees to Settle Stanford Ponzi Claims

Chadbourne & Parke has agreed to a confidential settlement with aggrieved investors in R. Allen Stanford $7 billion Ponzi scheme, ending the firm’s involvement in more than six years of litigation related to a former partner’s role advising the disgraced financier.

Lawyers for the firm informed the U.S. Court of Appeals for the Fifth Circuit of the deal late Friday afternoon. That leaves Proskauer Rose and Stanford’s former lawyer, Thomas Sjoblom, the former co-chair of the securities litigation and enforcement practice at Proskauer, as the two remaining defendants facing investor class claims of up to $5 billion in the suit. Sjoblom joined Proskauer in 2006 after leaving Chadbourne.

Separate proposed class actions are also moving ahead against two other firms—Greenberg Traurig and Hunton & Williams—that once served Sanford’s business interests. Investors filed their class certification briefs in the parallel cases on Friday. Adams and Reese, meanwhile, agreed to pay $1 million in May 2015 settle similar investor claims stemming from its work for Stanford-related entities……………………

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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 To Pay Out $50M To Ponzi Victims

The receiver for the $7 billion R. Allen Stanford Ponzi scheme on Friday sought permission from a Texas federal judge to distribute another $50 million to victims of the massive fraud, paying out 1 percent of each claim after the receiver reached settlements with lawyers and auditors.

The proposed distribution would be the third payment to Stanford’s thousands of victims since 2013, totaling about 2.5 percent of victim claims. Most of the $50 million payout is coming from two settlements: a $40 million settlement with accounting…

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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/



SEC’s Stanford Case A Chance To Clarify Compliance Duties

Compliance officers who worry they have an enforcement target on their back may soon get some clarity — and perhaps reassurance — from the U.S. Securities and Exchange Commission when it rules on a case involving convicted Ponzi schemer R. Allen Stanford’s former top compliance manager.

On Monday, the SEC is scheduled to hear oral arguments in an appeal by Bernerd Young, a former regulator who was the chief compliance officer at Stanford Group Company Inc. at the time the $7 billion fraud was exposed. He…

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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/



Receiver files 3rd Schedule of Payments to be Made Pursuant to the 2nd Interim Distribution Plan

On February 2, 2016, the Receiver filed his 3rd Schedule of distribution payments under the 2nd Interim Distribution Plan with the United States District Court for the Northern District of Texas, Dallas Division. The 3rd Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis.

To view a copy of the 3rd Schedule, please click here.

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



How a Canadian bank backed a billionaire fraudster

The Billionaire and the Bank
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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/