Three former Stanford Financial Group executives are being sued by Lloyds of London and Arch Specialty Insurance Co. over the executives' claims for directors and officers liability insurance.
Yolanda Suarez, Juan Rodriguez-Tolentino and Pablo M. “Mauricio” Alvarado are named in the lawsuit which was filed this week in the U.S. District Court for the Northern District of Texas Dallas Division.
The underwriters claim that the trio are not entitled to claim directors and officers insurance, known as D&O insurance, because of the Ponzi scheme claims against them.
R. Allen Stanford, former head of Houston-based Stanford Financial Group, is awaiting trial for his role in an alleged $7 billion Ponzi scheme involving certificates of deposit.
Suarez was chief of staff for Stanford Financial Group Co. and the secretary and a board member for Stanford Group Holdings Inc. — two of the many Stanford entities allegedly involved in the Ponzi scheme. Rodriguez-Tolentino was president of Stanford International Bank, and Alvarado was general counsel of Stanford Financial Group.
Ralph Janvey, the Dallas-based court-appointed receiver for the Stanford matter has already filed lawsuits against Suarez, Rodriguez-Tolentino and Alvarado to get back nearly $9.9 million Janvey said the defendants had received from CD proceeds.
The case is Certain Underwriters At Lloyd’s of London in Syndicates 2987, 2488, 1866, 1084, 1274, 4000 & 1183 et al v. Tolentino et al, 3:11-cv-00360-B.
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