US appeals court holds that Antigua-Barbuda is not liable to Stanford Ponzi victims

NEW ORLEANS, USA — The US Fifth Circuit Court of Appeals has held that the Foreign Sovereign Immunities Act (FSIA) bars Stanford International Bank Ltd (SIBL) Ponzi scheme victims from bringing a claim against Antigua and Barbuda, a foreign state. The decision reversed a ruling by the US District Court for the Northern District of Texas.

The Stanford victims successfully argued in the trial court that the commercial activity exception allowed civil suits brought by them, as well as the argument that Antigua and Barbuda had waived sovereign immunity, but the Fifth Circuit disagreed, reversing the lower court decision, on both issues.

To view the full article including a copy of the Fifth Circuit’s Court of Appeals judgment, 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/



Stanford Trustee Can’t Toss Ex-Diplomat’s Ch. 7 For $1.2M

A Maryland federal judge on Monday affirmed a bankruptcy court’s refusal to dismiss Chapter 7 bankruptcy proceedings by former U.S. diplomat Peter Romero, saying that the receiver in the Robert Allen Stanford Ponzi scheme can’t pursue exempt assets for a $1.2 million judgment against Romero.

Romero, the former ambassador to Ecuador, filed for Chapter 7 bankruptcy protection after a Texas federal judge ordered him to pay $1.2 million in fraudulent transfers from his time as an adviser to Stanford. Stanford receiver Ralph Janvey was denied a…

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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, Investors Seek OK Of $120M Willis Deal

The receiver overseeing recovery for victims of R. Allen Stanford’s $7 billion Ponzi scheme and investors on Wednesday asked a Texas federal judge to sign off on a $120 million settlement with insurance brokerage Willis Towers Watson Public Ltd. Co.

Willis had been accused of aiding Stanford’s scheme by vouching for him and his insurance policies in letters to investors, mainly in Latin America, which investors claim helped convince Stanford’s victims that their investments were safe and insured.

The receiver, Ralph S. Janvey, as well as…

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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/



Investors file second class action against law firm for alleged role in Stanford Ponzi scheme

Last week, victims of Robert Allen Stanford’s Ponzi scheme filed another class action lawsuit against the law firm that, they allege, helped the former chairman and CEO conceal the fraudulent scheme from government regulators.

The named plaintiffs, Sandra Dorrell and Phillip A. Wilkinson, both Texas residents, filed their complaint in the U.S. District Court for the Northern District of Texas, Dallas Division, April 28.

The defendants include Proskauer Rose LLP, an international law firm that is headquartered in New York City and has 13 offices worldwide, and Thomas V. Sjoblom. Sjoblom was a partner at Proskauer from 2006 to 2009.

“All of the Plaintiffs and members of the putative class invested in the Stanford Financial Ponzi scheme by purchasing SIBL (Stanford International Bank Ltd.) CDs or placing their money in other investment accounts with SIBL,” the investors explained in their 96-page complaint. “Over the years that Plaintiffs and the members of the putative class purchased and maintained investments in SIBL, Plaintiffs and the members of the putative class were repeatedly and uniformly told, either directly by their Stanford Financial FAs or via Stanford Financial promotional materials, that, inter alia: (1) an investment in SIBL was safer than investing in U.S. banks because SIBL did not make loans but instead held its funds in a safe and highly liquid portfolio; (2) Stanford Financial was a U.S.-based business regulated by the U.S. Government; and (3) that an investment in SIBL was completely safe and secure because it was guaranteed and insured by Lloyd’s, was thoroughly regulated, was audited by an ‘outside’ audit firm and subjected to regular, ‘stringent’ risk management examinations.

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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/



Envoy Must Return Cash Tied to Ponzi Scheme

Former U.S. Ambassador to Ecuador Peter Romero must return more than $700,000 that convicted Ponzi schemer R. Allen Stanford paid him during his eight years as an international advisor, the Fifth Circuit ruled.

A three-judge panel rejected the former dignitary’s argument that the court-appointed receiver for Stanford’s companies did not timely file his February 2011 complaint.

Stanford – who turns 66 next week – is serving a 110-year prison sentence after a federal jury in Houston, Texas, convicted him in 2012 of running a $7 billion Ponzi scheme premised on the sale of phony certificates of deposit.

In 2011, receiver Ralph Janvey went after Romero, one of several political figures recruited to lend credibility to Stanford’s fraudulent operations. Romero’s case was the first to go to trial.

Romero, appointed to the ambassadorship by Bill Clinton, retired from the U.S. Department of State in 2001…………………..

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/