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/



Lawmakers want banks punished over massive Ponzi scheme

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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/



Receiver files 1st Schedule of Payments to be Made Pursuant to the 4th Interim Distribution Plan

On June 30, 2017, the Receiver filed with the United States District Court for the Northern District of Texas, Dallas Division, the 1st Schedule of distribution payments under the 4th Interim Distribution Plan. The 1st 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 1st 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/



Update on Receiver’s Lawsuit Against Former Stanford Financial Advisors

In March 2017, the Fifth Circuit Court of Appeals confirmed that the Receiver is not required to arbitrate his claims to recover payments to former Stanford financial advisors and other Stanford employees of proceeds generated from the sale of Stanford International Bank CDs. Following entry of judgment by the Court of Appeals, the Receiver returned to the District Court to pursue those claims. On June 15, 2017, the Receiver filed an amended complaint, consolidating several previously-filed complaints and identifying newly-discovered payments received by the defendants.

As amended, the Receiver’s complaint now seeks to recover more than $289 million from 313 former financial advisors and other Stanford employees. The Receiver alleges that the payments the defendants received were fraudulent transfers; that the defendants failed to provide reasonably equivalent value in exchange for the payments; and that the defendants did not take the payments in good faith. The Receiver also alleges that the defendants were unjustly enriched by the payments, at the expense of Stanford investors. The lawsuit seeks return of the payments, together with prejudgment interest and attorneys’ fees.

The District Court has set the Receiver’s claims for trial beginning in July 2018.

To view a copy of the amended complaint, and a copy of the Court’s scheduling order setting the Receiver’s claims for trial, 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/