The daughter of jailed Texas businessman R. Allen Stanford has dropped her fight to stay in a $1.3 million Houston condominium, her attorney said Thursday.
Randi Stanford's decision came hours before she was to appear in federal district court to show why she should not be held in contempt for refusing to cooperate with government efforts to sell the 2,800-square-foot home. She will move out by March 31.
The condo was a gift from her father, who is accused of leading a $7 billion Ponzi scheme — allegations that he denies. Court-appointed receiver Ralph Janvey plans to sell the condo and direct the proceeds to allegedly defrauded investors.
On Wednesday, Janvey filed a declaration from a forensic accountant detailing that most of the $1.3 million purchase price came from the elder Stanford's personal bank account in Antigua, which is tied to his alleged wrongdoing.
Joe Kendall, Randi Stanford's attorney, said his client put up $20,000 for the condo and that her mother, Susan, put up $50,000. But the deed to the home is held by a limited liability company; its only member is R. Allen Stanford.
"That would make selling the property by Randi Stanford very problematic under the current circumstances," Kendall said.
He added that Randi Stanford is working three jobs to support herself.
Janvey notified Randi Stanford in March 2009 that he intended to sell her condo. He offered to allow her to continue living there rent-free so long as she maintained it in good order. He also offered to provide three hours notice before showing the unit to prospective buyers and 30 days notice for her to remove her possessions when it was sold.
Instead, she declined to cooperate and argued that Janvey's authority did not extend to the condo.
Randi Stanford said she spent more than $113,000 for upkeep since she moved in three years ago. She has not waived her claim to a share of the proceeds from the sale proportionate to her investment in the property, Kendall said.
Her father is the subject of a Securities and Exchange Commission lawsuit accusing him of promising inflated returns to about 28,000 investors on certificates of deposit at his Antiguan bank. The SEC also accuses him of skimming more than $1 billion to fund his lavish lifestyle.
Stanford is jailed in the Houston area on similar criminal charges.
Showing posts with label Randi. Show all posts
Showing posts with label Randi. Show all posts
Saturday, 30 January 2010
Friday, 8 January 2010
Allen Stanford's Daughter Fighting Sale Of Her Million Dollar Condo
Before Allen Stanford was accused of an investment scheme that allegedly funded his billion-dollar lifestyle, he bought his daughter a $1.3 million luxury condo in Houston.
The court-appointed receiver wants to sell it and give the proceeds to Stanford's out-of-luck investors.
Randi Stanford is less-than-happy about losing her home.
AP, via the New York Times: Stanford's daughter Randi argued in court papers that she is entitled to stay in the 2,800 square foot condo because it was a gift from her father, who is accused of leading a $7 billion Ponzi scheme.
Randi Stanford said the condo is not part of the allegedly tainted assets seized by the government and accused the receiver in control of her dad's businesses of ''Gestapo-like tactics.'' ...
Janvey notified Randi Stanford in late March that he intended to sell her condo. He offered to allow her to continue living there rent free so long as she maintained it in good order. He also offered to provide three hours notice before showing the unit to prospective buyers and 30-days notice for her to remove her possessions upon selling it.
Instead, she declined to cooperate and does not recognize Janvey's authority over the condo, the receiver said.
Texas law considers something a gift if the gift giver relinquishes all dominion and control over the property. Unfortunately for Randi Stanford, the article said her father is the sole member of the LLC that owns the condo.
But, should the judge rule she has to relinquish it, she will be able to recover from the sell proceeds improvements she independently made -- including the $113,000 in upkeep payments she said she made.
The Associated Press is reporting that Stanford's daughter may face contempt of court charges in Dallas.
Judge David C. Godbey on Wednesday ordered Randi Stanford to appear in court later this month. She is apparently enmeshed in a legal battle to keep her Houston condominium.
The court-appointed receiver wants to sell it and give the proceeds to Stanford's out-of-luck investors.
Randi Stanford is less-than-happy about losing her home.
AP, via the New York Times: Stanford's daughter Randi argued in court papers that she is entitled to stay in the 2,800 square foot condo because it was a gift from her father, who is accused of leading a $7 billion Ponzi scheme.
Randi Stanford said the condo is not part of the allegedly tainted assets seized by the government and accused the receiver in control of her dad's businesses of ''Gestapo-like tactics.'' ...
Janvey notified Randi Stanford in late March that he intended to sell her condo. He offered to allow her to continue living there rent free so long as she maintained it in good order. He also offered to provide three hours notice before showing the unit to prospective buyers and 30-days notice for her to remove her possessions upon selling it.
Instead, she declined to cooperate and does not recognize Janvey's authority over the condo, the receiver said.
Texas law considers something a gift if the gift giver relinquishes all dominion and control over the property. Unfortunately for Randi Stanford, the article said her father is the sole member of the LLC that owns the condo.
But, should the judge rule she has to relinquish it, she will be able to recover from the sell proceeds improvements she independently made -- including the $113,000 in upkeep payments she said she made.
The Associated Press is reporting that Stanford's daughter may face contempt of court charges in Dallas.
Judge David C. Godbey on Wednesday ordered Randi Stanford to appear in court later this month. She is apparently enmeshed in a legal battle to keep her Houston condominium.