Tuesday, 15 August 2017

Lawmakers press DOJ to help victims of Ponzi scheme


Seven lawmakers on Monday asked the Justice Department to investigate whether a Swiss bank is illegally blocking the transfer of restitution funds for victims of the second-largest Ponzi scheme in United States history.

 In a Monday letter, representatives from both parties asked Attorney General Jeff Sessions to review whether Swiss bank Societe Generale is complying with a 2013 settlement meant to return a major portion of $210 million to victims of Allen Stanford’s pyramid investment scheme.

 The lawmakers asked Sessions “to review this issue and re-engage on behalf of U.S. victims to expedite the return of the frozen assets so they can be properly distributed.”

To view a 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/


Friday, 11 August 2017

Lawmakers want banks punished over massive Ponzi scheme


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 Gonz├ílez (D-Texas) asked the OCC to update them on efforts to hold the banks accountable, compensate victims and prevent similar schemes from happening again.

To view a 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/


Thursday, 3 August 2017

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/


Saturday, 29 July 2017

Arbitration. Vacatur. District court refuses to set aside arbitration award based on panel's document discovery rulings.

In Pershing, the defendant, Pershing LLC, sought to confirm an arbitration panel's decision that it was not liable to a consortium of Louisiana Retirees who fell victim to a Ponzi scheme orchestrated by R. Allen Stanford. The Louisiana Retirees sought to vacate the award.

 Pershing was a clearing broker for Stanford Group Company, a broker-dealer controlled by Allen Stanford that sold worthless securities to the Louisiana Retirees. The Louisiana Retirees claimed that Pershing failed to exercise due diligence in its relationship with Stanford that would have uncovered the scheme. The arbitration panel ruled in Pershing's favor, and the parties then brought competing actions in the district court to confirm or vacate the decision under the Federal Arbitration Act.


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/


Saturday, 1 July 2017

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/