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/



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$27M In Attys’ Fees OK’d In Stanford Bank Ponzi Scheme Deal

A Texas federal judge approved nearly $27 million in attorneys’ fees on Wednesday as part of a nearly $133 million Stanford Ponzi scheme settlement that he said also merited approval despite objections.

U.S. District Judge David Godbey approved the full amount of the of $26,787,500 request for attorneys’ fees from firms, including Castillo Snyder and Strasburger & Price, that worked on the $132.5 million settlement with the so-called Willis defendants and BMB defendants over their roles in making R. Allen Stanford’s Ponzi scheme seem low-risk 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’s 13th Interim Report Regarding Status of Receivership, Asset Collection and Ongoing Activities

On June 1, 2017, the Receiver filed a report with the Court that discusses the status of the Receivership, the Receivership’s asset collection efforts and ongoing activities

To view the Report, 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/



The Texas Supreme Court Rules in favor of The Golf Channel over the Stanford Ponzi Receiver—Ruling will Likely Limit Future Clawback Suits in Similar Cases

Background 

Like many other Ponzi schemes, R. Allen Stanford’s operated by selling Certificates of Deposit and paying an initial group of victims a high return using subsequent investors’ money, all the while taking large portions of the investment funds for himself and his various entities (the “Stanford Entities”). While the Ponzi scheme’s perpetrator and many of his associates were sentenced to prison, hundreds of civil suits were filed in various courts that related to and stemmed from the Stanford Ponzi scheme.

More than seven years ago, Ralph Janvey (“Janvey”) was appointed Receiver for the Stanford Entities and tasked with recovering as much money as possible from the $7.2 billion Ponzi scheme that defrauded over 18,000 people and returning that money to the investors. To achieve this aim, one tool Javney uses is the filing of clawback suits against those companies who were paid by the Stanford Entities but provided no real value in return.

The Golf Channel Case 

The Stanford Entities heavily invested in and marketed through various sporting channels and events. The Stanford International Bank became the chief sponsor of the Stanford St. Jude’s Championship, a PGA Tour event that was held annually in Memphis, Tennessee and broadcast by The Golf Channel, Inc. (“The Golf Channel”)………….

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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/



Ponzi Can’t Claw Back Golf Channel Ad Money

AUSTIN, Texas (CN) – The receiver for R. Allen Stanford’s $7 billion Ponzi scheme cannot demand the return of $6 million paid to The Golf Channel for advertising, which had “reasonably equivalent value” under Texas law, the Texas Supreme Court ruled Friday.

The ruling is the first time the high court has weighed in on the notorious Ponzi scheme that involved the sale of phony certificates of deposits…………………..

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 http://sivg.org.ag/