The Joint Liquidators of Stanford International Bank, Marcus Wide and Hugh Dickson, today welcomed the guilty verdict in the trial of Allen Stanford.
"Allen Stanford's actions have hurt thousands of innocent people, some of whom lost their life savings. While a guilty verdict cannot reimburse depositors for the money they lost, they can hopefully gain some comfort from the fact that justice has caught up with the man," said Mr. Dickson.
"Although we have followed the Stanford trial with interest, the trial in Houston pertains to a subject of narrow focus; namely, the personal fate of Mr. Stanford. Our much wider focus, as Joint Liquidators of the Stanford International Bank, is the restitution of funds deposited by investors who became Mr. Stanford's victims," said Mr. Wide. "We are aware that the U.S. Department of Justice has indicated that they will seek the forfeiture of assets following a guilty verdict. However, we would hope that the U.S. Department of Justice will confine those actions to Allen Stanford's assets, and not try and seize the remaining assets of the Stanford International Bank. Taking the assets of the bank and funds that Mr. Stanford did not manage to steal or spend, which would otherwise be available for the benefit of depositors and creditors of the bank, would add insult to injury."
The Joint Liquidators will conduct a webinar later this month for the creditors and depositor victims that will highlight the claims process, progress of the recovery efforts to date and to address questions regarding the claims process that creditors/victims may have about that process.
"Our focus has been, and will remain, to work for a maximum speedy and fair distribution to the depositor creditors and victims," said Mr. Dickson.
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