5th Circ. Affirms Stanford Ponzi Victims’ FINRA Loss

The Fifth Circuit on Friday affirmed a lower court’s ruling confirming a Financial Industry Regulatory Authority arbitral panel’s award that cleared financial services provider Pershing LLC of liability for $80 million in damages sustained by victims of R. Allen Stanford’s Ponzi scheme.

The appellate panel said in a brisk, five-sentence opinion that U.S. District Judge Lance M. Africk was right to uphold the FINRA panel’s decision that Pershing, the clearing broker for one of Stanford’s business entities, was not on the line for losses that a…

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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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Proskauer Rose Must Go to Trial on Stanford Receiver’s Claims

• Robert Allen Stanford was convicted in 2012 for running a $7 billion Ponzi scheme
• Suit alleged Proskauer, other lawyers were negligent and abetted Stanford’s fraud

Proskauer Rose LLP has to go to trial on the claims against it brought by the receiver in the Stanford Financial Ponzi scheme case, despite having appealed a prior order, a Texas federal judge ruled.

Proskauer’s appeal from the court’s order denying its motion for judgment on the pleadings is “frivolous and dilatory,” Judge David C. Godbey of the U.S. District Court for the Northern District of Texas said April 23. A motion for judgment on the pleadings seeks a court ruling based on the papers filed, without going to trial…………..

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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/



Stanford Ponzi Scheme Receiver, Ex-GC Reach Settlement

The receiver for victims of the Robert Allen Stanford Ponzi scheme has reached a confidential settlement in a clawback case against Stanford’s onetime general counsel, and both parties asked a Texas federal judge Friday to pause the suit to give the attorney time to comply with the agreement.

Receiver Ralph S. Janvey and Pablo Mauricio Alvarado, who served as Stanford’s GC from 1999 until 2009 and is now a partner at SMPS Legal, asked U.S. District Judge David C. Godbey to stay the proceedings for 120…

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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/



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/