Stanford Ponzi Scheme Receiver Battles Ex-GC For Records

The receiver unwinding Robert Allen Stanford’s $7 billion Ponzi scheme asked a Texas federal judge Thursday to force Stanford’s former general counsel to show why he hasn’t produced requested documents regarding his bank accounts and properties in Texas and Florida in the receiver’s clawback suit targeting Stanford’s legal advisers.

Ralph S. Janvey, the receiver for Stanford International Bank Ltd., says Pablo Mauricio Alvarado, a partner at SMPS Legal who splits his time between Miami and Bogota, Colombia, has failed to comply with the court’s order granting…

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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/

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Stanford Receiver Loses $88M Clawback Bid

A Texas federal judge shut down a post-verdict attempt to revive an $88 million clawback suit linked to the $7 billion Stanford Ponzi scheme on Thursday, saying there’s no justification for questioning the jury’s finding that no payback was required.

In the wake of its collapse, receiver Ralph Janvey sought to take back $88 million in loans that Colorado billionaire Gary Magness got out of R. Allen Stanford’s infamous scheme. But a jury found in January that the transfers were made in good faith, meaning Magness and…

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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 and Official Stanford Investors Committee Announce Settlement with Hunton & Williams, LLP

On August 16, 2017, the Receiver, the Official Stanford Investors Committee (“OSIC”) and certain individual Investor Plaintiffs filed a Motion seeking Court approval of a settlement entered into with Hunton & Williams, LLP (“Hunton”). Pursuant to the terms of the settlement, the Receivership Estate will receive $34 million. On August 23, 2017, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Hunton Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Hunton Settlement at 10:00 a.m. on Tuesday, November 28, 2017. Any party wishing to file an objection to the Hunton Settlement must do so no later than Tuesday, November 7, 2017.

You may access the materials pertaining to the Hunton Settlement and the HUNTON SETTLEMENT FAQ by clicking HERE

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

Lawmakers press DOJ to help victims of Ponzi scheme

Seven lawmakers on Monday asked the Justice Department to investigate whether a Swiss bank is illegally blocking the transfer of restitution funds for victims of the second-largest Ponzi scheme in United States history.

In a Monday letter, representatives from both parties asked Attorney General Jeff Sessions to review whether Swiss bank Societe Generale is complying with a 2013 settlement meant to return a major portion of $210 million to victims of Allen Stanford’s pyramid investment scheme.

The lawmakers asked Sessions “to review this issue and re-engage on behalf of U.S. victims to expedite the return of the frozen assets so they can be properly distributed.”

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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/

Lawmakers want banks punished over massive Ponzi scheme

Lawmakers are asking a top federal regulator to crack down on several banks connected to a mid-2000s Ponzi scheme, arguing the government hasn’t done enough to get victims compensation.

The lawmakers called on the Office of the Comptroller of the Currency (OCC) to punish several banks for holding funds for Allen Stanford, convicted in 2012 of running the second-largest Ponzi scheme in United States history.

In a letter to acting Comptroller Keith Noreika dated Aug. 8, Reps. Roger Williams (R-Texas), Bill Posey (R-Fla.), Charlie Crist (D-Fla.) and Vicente González (D-Texas) asked the OCC to update them on efforts to hold the banks accountable, compensate victims and prevent similar schemes from happening again.

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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/