Stanford Workers Tell 5th Circ. Underwriters Were Let Off Easy

A group of 36 former employees of Stanford Group Cos. on Tuesday asked the Fifth Circuit to intervene in litigation over R. Allen Stanford’s $7 billion Ponzi scheme, arguing a lower court wrongly allowed underwriters to walk away with $36 million of unpaid coverage without providing them any compensation or benefit.

The appeal comes after U.S. District Judge David C. Godbey approved a $65 million deal amid objections in May, resolving allegations that Lloyd’s of London and other underwriters should cover losses from the scheme, 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/



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Stanford Receiver Can’t Renew Fight Over $88M Clawback

A Texas federal judge on Thursday denied a request by the court-appointed receiver of Stanford International Bank to overturn a jury decision keeping $88 million in cash in the hands of a cable and truck-racing magnate, who received it shortly before Stanford’s Ponzi scheme-related collapse.

Judge David C. Godbey said he had already ruled that a reasonable jury could have found Colorado billionaire Gary Magness accepted money from Stanford in good faith, and rejected receiver Ralph Janvey’s arguments that he committed multiple legal errors over the…

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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/



Victims of Allen Stanford’s $7B Ponzi Scheme Will Wait Years to Be Repaid

A world-class fraudster’s elaborate spending proves difficult to unwind. 

At first glance, the effort to recover money for victims of Allen Stanford’s $7 billion Ponzi scheme looks a bit like Jarndyce and Jarndyce, the endless chancery court case satirized in Charles Dickens’ book, “Bleak House.” Stanford, you’ll recall, was convicted by a Houston jury in 2012 for swindling investors and sentenced to 110 years in prison.

Eight years into the case, with no end in sight, the receivership set up in Dallas federal court to unwind Stanford’s fraud has turned up only a small percentage of investors’ lost billions. Just as troubling, nearly half of what has been secured so far has gone to pay lawyers and accountants.

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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/



Appeals court: Class-action negligence claims can proceed against Louisiana financial regulators in Stanford case

Allegations that Louisiana financial regulators’ failure to perform their duties contributed to the massive losses suffered by hundreds of Louisiana investors in the Stanford Trust Co. debacle can move forward as a class action, a state appeals court in Baton Rouge has ruled.

Phil Preis, the lead attorney for those residents, said Monday the damages sustained by those investors are some $400 million, which includes interest.

Roughly seven dozen mostly south Louisiana residents sued the state Office of Financial Institutions in 2009, essentially claiming OFI turned a blind eye to Stanford owner Robert Allen Stanford’s multibillion-dollar fraud scheme.

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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 Renews Fight Over $88M Clawback Verdict

The court-appointed receiver handling the Ponzi implosion of Stanford International Bank asked a Texas federal judge on Thursday to overturn a jury’s decision keeping $88 million in Stanford cash in the hands of the cable and truck-racing magnate who received it shortly before Stanford collapsed.

Receiver Ralph Janvey filed a renewed motion for judgment as a matter of law, asking a judge to undo a jury verdict finding that Janvey cannot claw back the money from Gary Magness’ legal entities. Janvey told U.S. District Judge David Godbey there’s…

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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/