Stanford’s investments in an Israeli development fund and a luxury Houston hotel can be sold immediately, over objections from the financier that he hasn’t been convicted of any wrongdoing, a federal judge ruled.
Court-appointed receiver Ralph Janvey won approval to sell several pieces of Stanford’s private-equity portfolio on an emergency basis to avoid meeting capital calls or diluting the investments, according to an order posted yesterday by U.S. District Judge David Godbey in Dallas.
The transactions “are in the best interest of the receivership estate,” the judge wrote.
Stanford is fighting criminal and civil allegations that he defrauded investors of more than $7 billion through the sale of bogus certificates of deposit at Antigua-based Stanford International Bank Ltd. He had urged Godbey to block the sales.
The Texas financier, who is in jail awaiting trial, complained Janvey is selling his investments at steeply discounted prices and increasing investor losses by failing to let the stakes mature.
Janvey asked Godbey’s permission to sell Stanford’s share of the Israeli fund and the Houston hotel after receiving offers from other limited partners already participating in each project.
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