Open Letter From Stanford Receiver Dated February 14, 2014

Stanford Financial Group Receivership 

 1029 State Highway 6 North I Suite 650-272 1 Houston, TX 77079 

 Phone 866.964.6301 

 February 14, 2014

 To All Those Affected by the Stanford Fraud:

 It has been five years since the Court appointed me as Receiver to unwind the world-wide Ponzi scheme perpetrated by Allen Stanford and those who aided, abetted and enabled him. I know that these continue to be very difficult times for the thousands of you whose lives were impacted, and in many cases devastated, by the Stanford fraud. Even though my team and I have worked hard and made much progress over the last 5 years, the process of unwinding the fraud and the pace of recovering money have been frustratingly slow. Unfortunately, the costs associated with this process have been substantial. Although many challenges still lie ahead, the entire Receivership team and I are committed to working as hard as we can to recover as much money as we can for the eligible claimants.

To read the full transcript 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/

Canada Recovers $17 Million for Stanford Victims

Canada Recovers $17 Million for Stanford Ponzi Scheme Victims

Ontario Attorney General Recovers $17 Million for Victims of Ponzi Scheme. Largest Ever Recovery Under Ontario’s Civil Forfeiture Law.

 TORONTO -- Ontario's Attorney General has obtained a court order to recover $17 million for victims of an international investment fraud -- the largest ever recovery under Ontario's civil forfeiture law.

 "In 2009, U.S. authorities referred this case to our Civil Remedies for Illicit Activities Office. I am proud that victims of this large-scale, international fraud are going to be compensated thanks to excellent cooperation between Ontario and the United States,” said Ontario Attorney General John Gerretsen.

 The money was linked to an international Ponzi scheme operated over the past decade by the Stanford group of companies in the United States, South America and the Caribbean. Under the scheme, returns to investors were paid from their own money or the money of other investors, rather than from profit. U.S. authorities filed suit against Stanford and his companies in 2009.

 Although the money was held in accounts at a major Canadian bank, the majority of victims are in the U.S. and Latin America. As a result of the court order, the $17 million will be forfeited to Ontario and then transferred to the United States Department of Justice, which will distribute the funds to victims.

 Another $6 million remains under control of the court and is designated to be returned to victims who deposited money in accounts after the fraud was uncovered.

 The Stanford Ponzi scheme resulted in $5.9 billion of investor losses worldwide, with an estimated 28,000 victims. The number of Canadian victims is not yet known.

 The Stanford group of companies include the Stanford International Bank, Ltd., Stanford Group Company and Stanford Capital Management LLC.

 The Civil Remedies Act, 2001 allows the Attorney General to ask the civil court for an order to freeze, take possession of, and forfeit to the Crown, property that is determined to be a proceed or an instrument of unlawful activity.

 Ontario has approximately $24.5 million in frozen property, pending completion of civil forfeiture proceedings.

 Read More: http://sivg.org.ag/topic214.html 

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

Attorney General Recovers $17 Million for Victims of Ponzi Scheme Largest Ever Recovery Under Ontario’s Civil Forfeiture Law

September 24, 2013 6:00 a.m.
Ministry of the Attorney General

 Ontario's Attorney General has obtained a court order to recover $17 million for victims of an international investment fraud -- the largest ever recovery under Ontario's civil forfeiture law.

 The money was linked to an international Ponzi scheme operated over the past decade by the Stanford group of companies in the United States, South America and the Caribbean. Under the scheme, returns to investors were paid from their own money or the money of other investors, rather than from profit. U.S. authorities filed suit against Stanford and his companies in 2009.

 Although the money was held in accounts at a major Canadian bank, the majority of victims are in the U.S. and Latin America. As a result of the court order, the $17 million will be forfeited to Ontario and then transferred to the United States Department of Justice, which will distribute the funds to victims.

Quick Facts
•Another $6 million remains under control of the court and is designated to be returned to victims who deposited money in accounts after the fraud was uncovered.
•The Ponzi scheme resulted in $5.9 billion of investor losses worldwide.
•There are an estimated 28,000 victims. The number of Canadian victims is not yet known.
•The Stanford group of companies include the Stanford International Bank, Ltd., Stanford Group Company and Stanford Capital Management LLC.
•The Civil Remedies Act, 2001 allows the Attorney General to ask the civil court for an order to freeze, take possession of, and forfeit to the Crown, property that is determined to be a proceed or an instrument of unlawful activity.
•Ontario has approximately $24.5 million in frozen property, pending completion of civil forfeiture proceedings.

 Read More: http://sivg.org.ag/topic214.html 

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

Receivership Settlement Agreement Approved in Canada

The Ontario Superior Court of Justice and the Quebec Superior Court have both approved a settlement agreement by and among the Receiver, the Interim Receiver appointed for Stanford International Bank in Quebec, the Ontario attorney general, and others.

The settlement agreement addresses the disposition of Stanford assets in Canada that had been frozen by the Ontario attorney general. The approval of both the Quebec and Ontario courts was required because both courts had asserted jurisdiction over the Stanford assets in Canada. Pursuant to the Canadian settlement, approximately $18 million will be turned over to the United States Department of Justice by the Ontario attorney general. Pursuant to the separate Settlement Agreement and Cross-Border Protocol, entered into by and among the Receiver, the United States Department of Justice, and others, the United States Department of Justice will then turn the funds over to the Receiver for distribution to the victims of the Stanford fraud. Additional amounts may be returned to the United States for distribution by the Receiver following further proceedings in Ontario. Please click here to view copies of the Canadian orders.

Read More: http://sivg.org.ag/topic194.html

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

IRS Hit Stanford Estate for $432 million

The Internal Revenue Service filed a "notice of claim" yesterday with the US District Court advising the Court that it is IRS's view that Allen Stanford is indebted to the United States for approximately $432 million in personal tax liability. The IRS intervened in the SEC's lawsuit against Allen Stanford three years ago and asserted the existence of a claim against Allen and Susan Stanford, which at that time was for approximately $226 million in personal tax liability. The U.S. District Court permitted the intervention and retained the authority to adjudicate all aspects of the IRS claim.

 

SIVG has been warning victims for years about the IRS having a claim against the Stanford estate, now we see our claims are all true.

 

Time is running out we have only two days before the JL's Grant-Thornton neet with the DoJ in Washington. Please write to the DOJ and tell them you want the money to go to Grant Thornton now before its to late!.

 

I want to see some sort of interim payout before the end of this year......if you want the same it is your duty to make the DOJ aware of how you feel.

 

 Addresses to send emails:

kondi.kleinman@usdoj.gov
reeceD@sec.gov

 

Toronto-Dominion Sued Over Stanford Investments

Toronto-Dominion Bank, Canada’s second-biggest bank, was accused in a lawsuit of negligence and knowing assistance for allegedly helping R. Allen Stanford, who is accused of swindling investors of more than $7 billion, the National Post reported.

The lawsuit, filed in Ontario Superior Court Aug. 26 by Bennett Jones LLP, seeks C$17 million ($15.5 million) for five Canadian investors who say Toronto-Dominion’s role as a correspondent bank increased the credibility of Stanford’s investments, the Post said. The investors claim they lost money in certificates of deposits based on recommendations made by a financial adviser who worked for the Stanford Group of companies, the Post said.

Toronto-Dominion conducted its business in an “appropriate and lawful manner,” Susan Webb, a spokeswoman at the bank, told the newspaper.

Stanford, who faces 21 criminal charges, denies all wrongdoing tied to what the government says was a scheme to pay early investors “improbable if not impossible” returns with funds taken from later investors in Antiguan certificates of deposit. He is being held without bail until he can go on trial.