Receiver and Official Stanford Investors Committee Announce Settlement with Proskauer Rose LLP

On August 24, 2018, 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 Proskauer Rose, LLP (“Proskauer”). Pursuant to the terms of the settlement, the Receivership Estate will receive $63 million. On September 11, 2018, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Proskauer Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Proskauer Settlement at 10:00 a.m. on Friday, December 14, 2018. Any party wishing to file an objection to the Proskauer Settlement must do so no later than Friday, November 23, 2018.

You may access the materials pertaining to the Proskauer Settlement by clicking Here:

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum https://www.tapatalk.com/groups/sivg/ 

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Leroy King detained for extradition today

The police have arrested the local fraud accused in the Stanford Ponzi scheme, Leroy King, as the extradition process continues to drag on.

Lawmen picked up the former chief of the Financial Services Regulatory Commission earlier today “for extradition purposes”, according to police sources.

His lawyer, Dr. David Dorsett, confirmed this moments ago.

He also told OBSERVER media that he filed an appeal to the recent case that King lost in the Court of Appeal, and he ought not to removed with a case pending.

To view the full Article, click here

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum https://www.tapatalk.com/groups/sivg/ 

Receiver Files Motion for Approval of 5th Interim Distribution Plan

On September 18, 2018, the Receiver filed a Motion for Approval of 5th Interim Distribution Plan.

To view a copy of the motion, click here

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum https://www.tapatalk.com/groups/sivg/

King loses extradition appeal, what’s next?

An appeal was yesterday struck down for Leroy King, the embattled former administrator of the Financial Services Regulatory Commission (FSRC), who is seeking to stop his extradition to the United States to face 11 fraud related charges stemming from the US$7 billion Ponzi scheme by Allen Stanford.

The Eastern Caribbean Supreme Court handed down the decision during a sitting in St. Kitts. The ruling came several months after Antigua and Barbuda’s Director of Public Prosecutions, Anthony Armstrong, and King, through his lawyers, argued against and for the appeal respectively.

But, the legal journey which started several years ago, can be further prolonged if King appeals again, this time to the Privy Council. Efforts to reach his lawyer Dr. David Dorsett for comment last evening were unsuccessful.

So far though, King’s lawyers have not made any application for a stay of execution to stop the authorities in Antigua and Barbuda from turning him over to U.S. officials to finally face the court in that country which issued a warrant for him since 2009.

To view the full article click here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum https://www.tapatalk.com/groups/sivg/

US firm settles fraud-tied claims for $63m

One Proskauer Rose has settled with investors, an investor committee, and the court-appointed receiver in the Stanford Financial Ponzi scheme for US$63m. The firm, which was fighting the claims for nine years, did not admit to any wrongdoing or liability.

A former Proskauer Rose partner, Thomas Sjoblom, represented companies of R. Allen Stanford. He was accused of helping delay a US Securities and Exchange Commission investigation into the financier, according to the American Bar Journal.

Legacy Chadbourne & Parke, where Sjoblom had also worked, settled claims connected to the Ponzi scheme in 2016 for US$35m.

To view the full article click here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum https://www.tapatalk.com/groups/sivg/