Monday, 1 June 2015

Stanford Financial Group Receivership and SIB Liquidation… Hope, punishment, or fraud?

Six years and three months have passed since Stanford’s debacle destroyed the lives of 21,739 innocent families around the world when on February 17, 2009, the U.S. Securities and Exchange Commission (“SEC”) abruptly seized Stanford Financial Group in the United States.

The largest group is Latin American families with 15,270 victims representing 70% of the total depositors in the Stanford International Bank, Ltd. (“SIBL”) and more than $4 billion in losses. Depositors from the United States are the second largest group. These families entrusted their savings to a company belonging to an American conglomerate regulated and supervised by the U.S. Government.

The majority of Stanford’s depositors are modest people; many are elderly, ill, close to retirement, or families with special needs children. All are unable to pay for their critical medical treatments and living expenses. A great number continue to die while waiting in vain for even a small portion of their savings to be returned in time for life-saving operations, or treatment of cancer, and other life-threatening diseases.

 The reality is that injustice continues for these victims as the U.S. Receiver for the Stanford Financial Group and the Joint Liquidators for SIBL in Antigua insatiably persist in generating fees and expenses for themselves, their attorneys, and other professionals, the sole beneficiaries so far, charging millions of dollars.

 The U.S. Receiver, Ralph Janvey has “recovered” approximately $240.9 million as of December 31, 2013, and spent more than $127.5 million in fees and expenses. Mr. Janvey’s accomplishments in the recollection of assets for the depositor’s distribution fund have been lacking. According to Examiner John Little, “The Receiver and his professionals have not identified any significant Stanford assets or accounts that were not identified in the earliest days of the Receivership.” In contrast, Irving Picard, the trustee unwinding Bernard Madoff’s fraud has recovered more than $10.6 billion for victims. That is 60% of the $17 billion in principal lost by thousands of investors in Madoff’s investment advisory business...............................................

Read the Full Article Here:

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum

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