Friday, 24 January 2014

Third Joint Advisory regarding Pending Motions

On January 15, 2014, the Receiver and the Examiner filed their third advisory to the Court regarding fully briefed motions ripe for ruling.

To view the advisory, 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/


Thursday, 23 January 2014

Stanford Receiver Asks High Court To Clarify Standing

Law360, Los Angeles (January 22, 2014, 11:10 PM ET) -- The court-appointed receiver for the estate of convicted fraudster Robert Allen Stanford on Wednesday urged the U.S. Supreme Court to weigh in on whether a federal receiver has standing to assert claims on behalf of the receivership's creditors, saying lower courts have long been mired in confusion over the issue.

Ralph S. Janvey, who is seeking to recover funds tied to Stanford's $7 billion Ponzi scheme, asked the high court in his petition for writ of certiorari to reverse the Fifth Circuit's August ruling asserting that...

Click here to view the full article.

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum http://sivg.org.ag/




Tuesday, 21 January 2014

The Joint Liquidators Announce First Distribution

Antigua, January 20, 2014 – After receiving a number of proposals Joint Liquidators Marcus Wide and Hugh Dickson of Grant Thornton have entered into an agreement with ItalBank International of Puerto Rico, to act as distribution agents for dividend payments to Stanford International Bank creditors.

Creditors may choose either wire transfer or USD cheque. Forms for making that choice will be available shortly on the Joint Liquidators website for submission to ItalBank, and the bank will also be making direct contact with creditors to confirm details for transfers. ItalBank is offering new accounts to creditors as an economical and reliable option for receiving your distribution.

The first distribution will be 1%.

Any creditor who withdrew a substantial sum from SIB after 21 August 2008 during the run on Stanford International Bank may not be included in the first distribution. A separate notification from the Joint Liquidators explaining the legal background to this will be sent to the affected creditors. Also FAQs on this issue will be posted on the Joint Liquidators’ official website at www.sibliquidation.com.


Read more and join the debate at http://sivg.org.ag/topic266.html 

 For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum http://sivg.org.ag/

Thursday, 16 January 2014

Only 1% recovery from Stanford Fraud


From five years of the Allen Stanford´s Ponzi scheme, the second largest after Madoff, swindled investors will only recover one per cent of the five billion lost and given the international jurisdictions which complicate the case, at least five more years will take to end the process.

Interviewed by telephone from San Antonio, Texas, Edward Snyder, one of the leading lawyers in the case, explained that it is a difficult case; time runs without expedite progress in the distribution of the amounts claimed since the process began in February 2009.

"For many defrauded investors to recover any money is new money for them," he said.

He said he is also looking for the government to act against banks that participated in the Stanford scam indirectly as with JP Morgan in Madoff case.

He recalled that the main bank, used to transfer money from Mexican investors, was the Toronto Dominion Bank, the second largest bank in Canada.

The partner at Castillo Snyder PC, one of the four firms in Texas and other one in New York working on lawsuits for defrauded investors, said that after the battle of the joint liquidators for the control of the assets, the money was divided in accounts in England and Switzerland and bank accounts, property, banks and aircrafts in the United States.

" British funds were recovered last year and in the U.S. $ 55 billion distribution is about to conclude, which is equivalent to one per cent of the total loss," in addition the Antiguan Liquidator is about to begin the process of distributing 50 billion dollars, derived from British accounts, corresponding to another one per cent of the loss.

On the Swiss side, where the authorities conduct their own research under its jurisdiction, they control of over 200 million dollars being fought by the receiver and the U.S. government. "The two are negotiating with Switzerland, but the government will not release the money until Stanford appeal is resolved," and explained that although he is already in prison, Stanford appealed his 110 year sentence since 2012.

Allen Stanford was convicted of conspiracy and fraud.

Stanford Financial Group and Stanford operated Stanford International Bank (SIB) in the tax haven of Antigua island with 35 offices in 29 U.S. cities, 4 in Mexico, three in Venezuela and others in Colombia, Peru, Ecuador, Switzerland and St. Croix among others.

" Ultimately the recovery will be of 10 cents on the dollar resulting from the remaining assets of Stanford, that is, adding the money, property and accounts in England and Switzerland," Snyder said.

Join the Debate: http://sivg.org.ag/topic264.html

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group - SIVG official forum http://sivg.org.ag/


Wednesday, 15 January 2014

Receiver’s 7th Interim Report Regarding Status of Receivership, Asset Collection and Ongoing Activities

On January 15, 2014, 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, 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/



Sunday, 12 January 2014

Receivership Payments Outside of the U.S. in Particular Latin America

We have been made aware of the difficulties that victims outside the U.S. (particularly Latin America) are having in cashing cheques from Gilardi, in particular cheques made out to trusts. In an effort to assist we have joined forces with a Latin American victim who also represents hundreds of other victims from Latin America and formulated the following letter which we have sent to Mr Arlington at Baker Bott's, Marcus Wide at Grant Thornton, Gilardi and Ralph Janvey.

To view the letter and the response by Grant Thornton 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/


Wednesday, 8 January 2014

Fifth Circuit Court of Appeals Affirms Order Requiring Trustmark National Bank to Turn Over Stanford Receivership Funds to Receiver

On January 8, 2014, the U.S. Court of Appeals for the Fifth Circuit affirmed an order of the United States District Court for the Northern District of Texas that required Trustmark National Bank to turn over approximately $2.1 million in Stanford Receivership funds to the Receiver. The District Court had also imposed contempt sanctions against Trustmark based on Trustmark’s failure to timely abide by the District Court’s turnover order. Trustmark appealed both the turnover order and the contempt order. In a per curiam opinion, the Court of Appeals rejected all of Trustmark’s challenges and affirmed the District Court’s orders.

Click here to view the Ruling.

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum http://sivg.org.ag/


Tuesday, 7 January 2014

JPMorgan to pay victims of Madoff fraud

US federal authorities say JPMorgan Chase, the primary bank used by the jailed investor Bernard Madoff to run dubious pyramid schemes, has agreed to play $1.7 billion to settle victims' claims.



The US attorney of the southern district of New York said Tuesday that the bank JPMorgan Chase would pay $1.7 billion to settle charges that it violated laws requiring banks to monitor customer activity for money laundering.

 The deal includes a two-year deferment of prosecution against the bank. No individual executives were accused of wrongdoing.

 Madoff, 75, who is currently serving a 150-year prison term, was arrested in 2008 as his hedge fund business fell apart amid the global financial crisis.

 He was convicted in 2009 of defrauding investors.

 Using so-called Ponzi schemes, Madoff relied on new cash intakes to pay clients cashing out. Hundreds of clients - ranging from celebrities to ordinary savers - lost their holdings.

The federal prosecutions statement said under the deal JPMorgan Chase would pay the fine to victims of Madoff's fraud, admit to its conduct, and had agreed to upgrade operations to prevent money laundering. 

The bank had agreed not to apply for a tax deduction or tax credit for the $1.7 billion payment.

 In exchange, criminal charges would be deferred for two years.

 JPMorgan did not immediately comment on the settlement. It shares fell 55 cents to $58.45 in morning trading Tuesday.

 Join the Debate: http://sivg.org.ag/topic254.html

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group - SIVG official forum http://sivg.org.ag/