ITALBANK Questions and Answers

I have today spoken to one of the directors of ITALBANK. I am asking all victims that have any questions or problems with the system that the bank have set up for payment to please post your queries on this forum.

I will then get an answer directly from ITALBANK and you will be able to share their answer with all of the other victims via this forum and the blog. Please let other victims know that this forum will be helping you to get the answers you are looking for and we will also get you any help you may need in completing the necessary forms for a payment.

Please keep this posting strictly for questions and answers concerning registration or payments with ITALBANK.

To post your questions 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/

Distribution Schedules

In accordance with the Court’s May 30, 2013 Order Approving Receiver's Interim Distribution Plan, the Receiver has filed the following schedules of distribution payments with the United States District Court for the Northern District of Texas, Dallas Division. This page will be periodically updated with additional schedules that are filed on a rolling basis as responses to Certification Notices are received and processed.

* 1st Schedule (August 20, 2013)

* 2nd Schedule (September 16, 2013)

* 3rd Schedule (October 4, 2013)

* 4th Schedule (October 17, 2013)

* 5th Schedule (October 25, 2013)

* 6th Schedule (November 4, 2013)

* 7th Schedule (December 4, 2013)

* 8th Schedule (February 4, 2014)

To join the debate 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/

Grant Thornton Distribution Process & Forms

On 20 January 2014, the agreement reached by the Joint Liquidators (“JLs”) of Stanford International Bank (“SIB”) and ItalBank International, Inc. (“ItalBank”) to act as distribution agent for the dividend payments of SIB to its creditors was announced. As a first step in this process, we need to collect the payment preferences of creditors.

Through ItalBank, you can choose to receive payments by bank transfer to an account in your name, your Trust name or your company name. We will not make payments to third parties, but rather, only to the same name in which accounts were held with SIB. The JLs will also offer the option of U.S. dollar checks to the same name registered in the accounts with SIB and mailed to the mailing address listed on your proof of debt form.

For those with trust accounts who wish for the settlors to be paid rather than the Trust, please contact stanford.enquires@uk.gt.com for a Deed of Revocation Order, to revoke the trust.
 If you would prefer to open a new account, we gladly invite you to become a client of ItalBank.

Once you have reviewed our information please choose one of the following options:

• I wish to receive my payments in an account in my name or the name of my company, in a bank located in the United States of America. Click Here to Download Form.
• I wish to receive my payments in an account in my name or the name of my company, in a bank located in one of the countries of the European Union. *All payments will be made in U.S. dollars. Click Here to Download Form.
• I wish to receive my payments in an account in my name or the name of my company, in a bank located in another country (excluding the U.S. or the European Union). Click Here to Download Form.
• Payment Instructions (Wire) Click Here to Download.
• Payment Instructions (Checks) Click Here to Download.
• I would like to open an Individual Account in ItalBank.
• I would like to open a Commercial Account in ItalBank.
• I would like to receive a check in USD, to my proof of debt mailing address.

ItalBank International Information:

ItalBank International is registered in the Commonwealth of Puerto Rico since 2008 and holds a license issued by the Office of the Commissioner of Financial Institutions of Puerto Rico (OCFI) to operate as an International Banking Entity (IBE), under the “International Banking Center Law” and subject to all applicable federal banking laws and regulations of the United States. ItalBank is a financial institution focused on the Latin American market. Its headquarters are located in San Juan, Puerto Rico. ItalBank serves Latin American clients who want to protect their savings, having them deposited in a U.S. bank, while enjoying first class banking services.

Products

ItalBank offers personal and companies current accounts, certificates of deposit (CD´s), international credit cards, trade and investment finance.

Services

Our services include online banking, through which customers can access their balances, transaction history, make requests to transfer of funds and access the “Cash Management” module in the case of companies. All our personal accounts include a free MasterCard debit card and have no monthly limit international bank transfers.

To learn more, we include a presentation and we also invite you to visit our website at http://www.italbank.com

To join the debate 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/

Kachroo Legal Services Update on SEC Lawsuit

TO ALL SEC CLIENTS
February 26, 2014

 Zelaya et al v. United States of America

 Dear Stanford/SEC Clients: We write to update you with respect to important information regarding the claim against the Securities and Exchange Commission.

 To read the complete update from Kachroo Legal Services 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/

Kachroo Legal Services Update on Stanford Further Actions

TO ALL SFA CLIENTS

STANFORD FURTHER ACTIONS 

 Dear Stanford Clients:

 We write to update you with respect to important information regarding customer claims with the Stanford Liquidator in Antigua and Receiver in Dallas.

To read the complete update from Kachroo Legal Services 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/

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/

Preference Payments Frequently Asked Questions

Below is a list of frequently asked questions regarding Grant Thornton's approach to preference payments.


1. What is a Preference payment?
2. How is this relevant in the Stanford International Bank matter?
3. Why have I received a Preference letter?
4. What shall I do if I have received a Preference letter?
5. Why has my claim increased?
6. What happens once I repay the Preference payment to the Estate?
7. What happens if I do not repay the Preference payment to the Estate?
8. What do I do if I disagree with this approach?


To find the answer to these questions and more 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/

GT Update Regarding Payment Date

Here is the latest update from Grant Thornton regarding payment date for claims....

We had some hold up with some disputed claims which required applications to Court – which are now done and past the appeal date. We are therefore making distribution arrangements with one of two banks – which we hope to have complete in the next two weeks. While there is a remote chance of having a the distribution out by Christmas realistically it will be early in January.

Read More: http://sivg.org.ag/topic242.html

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

Stanford Financial Claims 7th Distribution December 4th 2013

Receiver files 7th Schedule of Payments to be Made Pursuant to the Interim Distribution Plan - On December 4, 2013, the Receiver filed his 7th Schedule of distribution payments with the United States District Court for the Northern District of Texas, Dallas Division. The 7th Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis as additional responses to Certification Notices are received and processed.

 To view a copy of the 7th Schedule, please click here: http://sivg.org.ag/topic240.html

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

CRT Offer to Buy Stanford International Bank Investor Claims

(Caracas, November 26 - Noticias24) -. CRT Special Investments announced Tuesday through a press release that it would buy claims from Stanford International Bank (SIB) to investors, who can "receive their money within weeks instead of having to wait years and face the uncertainty of recovery, "said Joe Sarachek, General Director of the CRT.

 Following is the full text of the statement: http://sivg.org.ag/topic237.html

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

Stanford Victims Coalition Update Regarding SIPC

Dear SVC Members,

 I apologize for the gap in time between updates, but I have some very exciting news today about a project I have been working on full-time all year—a legislative remedy that should get us SIPC if the bill is passed—regardless of the outcome of the SEC vs. SIPC appeal (which could still go our way). “The Restoring Main Street Investor Protection and Confidence Act,” is being introduced in the House today with a Senate companion bill to follow. A hearing of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises is set for Thursday, November 21 (victims are encouraged to attend and I will be testifying along with another Stanford victim). A Senate Banking Committee hearing will be held as well, but a date has not been set.............


To read the Complete Update from SVC Visit: http://sivg.org.ag/topic236.html 


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

U.S. lawmakers seek fix to help investors file claims against brokers

Nov 20 (Reuters) - A bipartisan group of U.S. House and Senate members is seeking to make it easier for investment fraud victims to seek compensation, after investors in Allen Stanford's Ponzi scheme were deemed ineligible under current law to file claims.

The bill, introduced by Louisiana Republican Senator David Vitter, New York Democratic Senator Charles Schumer, New Jersey Republican Rep. Scott Garrett and New York Democratic Rep. Carolyn Maloney, would bestow U.S. securities regulators with greater powers to oversee the process of determining whether customers of failed brokerages qualify for compensation.

The legislative proposal comes as the Securities and Exchange Commission awaits a crucial decision from a U.S. appeals court over the fate of the Stanford victims.

The SEC is trying to get the court to force an industry-backed fund that protects investors to start court proceedings so Stanford victims can file claims to recover a least a portion of the millions they lost.

The Securities Investor Protection Corp., or SIPC, which administers the fund, has refused the SEC's request, saying Stanford investors do not meet the legal definition of "customer" under the federal law designed to protect investors if their brokerage collapses.

SIPC uses funds paid by the brokerage industry to compensate investors in the event of a bankruptcy, such as the one that occurred at Lehman Brothers in 2008.

 Allen Stanford was sentenced in 2012 to 110 years in prison for bilking investors with fraudulent certificates of deposit issued by Stanford International Bank, his bank in Antigua.

Many of the investors who purchased the products, however, did so through his Houston, Texas-based brokerage, Stanford Group Co.

SIPC argues that investors in the scheme entrusted their money to the offshore, unregulated Antiguan bank and not to the U.S. broker-dealer. Moreover, it says that Stanford's investors actually did receive their certificates of deposit, as promised, even though they turned out to be virtually worthless.

A federal district judge agreed with SIPC's legal position in July 2012, and tossed out the SEC's lawsuit.

The SEC appealed the ruling before the U.S. Court of Appeals for the District of Columbia in October, and is awaiting a decision.

 SIPC's refusal to let Stanford victims file claims has frustrated many lawmakers on Capitol Hill, including Vitter, who has been among the most vocal in fighting for the Stanford victims.

"The Stanford Ponzi scheme devastated many Louisiana families who invested their hard-earned savings in good faith that it would be there for them when they retire," Vitter said in a statement issued on Wednesday.

"Our bill will fix a key problem we've seen with the system, which currently allows SIPC's Wall Street members to benefit economically from the SIPC guarantee while denying the claims of legitimate victims," he added.

The legislative proposal by the four lawmakers will be vetted in a hearing before a subcommittee of the House Financial Services Committee on Thursday.

Among the witnesses scheduled to testify are Stephen Harbeck, the president of SIPC, a representative from Wall Street's leading brokerage trade group, and Angie Kogutt, a Stanford victim in charge of the Stanford Victims Coalition.

The 19-page bill would amend the definition of "customer" to ensure that investors who deposit cash to buy securities can still be covered by SIPC protection, even if the money is initially given to a firm that is not a SIPC member.

 It would also give the SEC more authority to force SIPC to act without the need for court approval.  

Read More: http://sivg.org.ag/topic235.html  

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

Stanford Financial Group Receivership Update

The four schedules filed by the Receiver address total distributions of approximately $12.59 million of the $55 million that has been authorized for distribution by the Court. For Stanford Investors who have not yet received an initial distribution, there are a number of reasons why that may have occurred, including the following:

 •Investor may not have filed a claim with the Receiver’s claim process before the Bar Date fixed by the Court.
•The Investor may not have responded to a request for additional information from the Receiver’s claim processing agent, Gilardi & Co.
 •The Investor may have objected to the Receiver’s Notice of Determination with respect to the Investor’s claim.
•The Investor may not have completed and returned the Receiver’s Certification Form.*
•The Investor’s distribution check may simply be in process, such that it will be listed on subsequent schedules to be filed by the Receiver.

 The Receiver is continuing to process Notices of Determination, objections to Notices of Determination, and Claim Certifications. Additional payment schedules will be prepared and filed on a rolling basis. It is the Receiver’s expectation that additional payment schedules will be prepared and filed every few weeks (provided that there are sufficient claims being processed to justify that pace).

 *The Receiver advises that a significant number of Investors who filed claims and received Notices of Determination have not yet returned completed Certification Forms. Completed Certification Forms must be received before distribution checks are issued.

 Read More: http://sivg.org.ag/topic227.html 

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

Stanford Financial Claims 5th Distribution October 25th 2013

Receiver files 5th Schedule of Payments to be Made Pursuant to the Interim Distribution Plan - On October 25, 2013, the Receiver filed his 5th Schedule of distribution payments with the United States District Court for the Northern District of Texas, Dallas Division. The 5th Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis as additional responses to Certification Notices are received and processed.

To view a copy of the 5th Schedule, please click here:

http://sivg.org.ag/topic225.html

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

Receiver files 4th Schedule of Payments to be Made Pursuant to the Interim Distribution Plan

On October 17th, 2013, the Receiver filed his 4th Schedule of distribution payments with the United States District Court for the Northern District of Texas, Dallas Division. The 4th Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis as additional responses to Certification Notices are received and processed.

To view a copy of the 4th Schedule, please click here:

http://sivg.org.ag/topic217.html


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

Reports of Gilardi withholding Distribution Cheques

We are receiving reports of Gilardi withholding distribution checks to certain claimants.


If you are affected then Read More: http://sivg.org.ag/topic210.html 

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

Grant Thornton Advertisement of intended dividend

Stanford International Bank Limited – in Liquidation 

 Notice is hereby given that the Joint Liquidators intend to declare a first dividend to unsecured creditors within a period of 4 months from the last date of proving. Creditors who have not proved their debts must do so by 31 October 2013 otherwise they will be excluded from the dividend. The required proof of debt form, which must be lodged at the address below, is available online at http://www.sibliquidation.com/claims-administration.

 Read More: http://sivg.org.ag/topic207.html 

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

Receiver files 3rd Schedule of Payments to be Made Pursuant to the Interim Distribution Plan

On October 4, 2013, the Receiver filed his 3rd Schedule of distribution payments with the United States District Court for the Northern District of Texas, Dallas Division. The 3rd Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis as additional responses to Certification Notices are received and processed.

 To view a copy of the 3rd Schedule, please click here:

http://sivg.org.ag/topic200.html


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

For those who missed the original Claims Deadline

I have had several victims - who for whatever reason missed the registration deadline last September and have asked me what they need to do to get their claim registered now. I have been speaking to Baker Botts and this is the reply he has sent to me:

 "Generally, if a claimant failed to file a claim with the US receivership prior to the September 1, 2012 bar date, such claims are forever barred as against the US receivership estate, per order of the Court. If there are extenuating circumstances that constitute good cause, the Receivership will consider the circumstances and make a determination whether to recommend acceptance of the late claims by the Court. Given the notice provided, however, we expect that good cause will be a difficult threshold to meet. If claimants wish to submit requests to accept late claims to the receivership, they can use the contact information below.

 Nonetheless, claimants who filed claims with the Joint Liquidators prior to September 1, 2012 but did not file with the U.S. receivership by that date may be allowed to participate in future receivership distributions if the Receiver determines the claimant has a valid claim and the claimant agrees to jurisdiction of the US Court. We will communicate directly with claimants who filed with the Joint Liquidators before the US receivership bar date with the appropriate form(s) to execute for the purpose of ensuring that such claimants agree to the jurisdiction of the U.S. District Court in Texas. Only after we have done so and received the appropriate forms back from the claimants will notices of determination issue to those claimants. Even if such claimants are allowed to participate in future distributions from the receivership, they will not be eligible to participate in the current distribution that has already been approved by the Court. 

Regards," 

 It would appear that if you missed filing your claim with Janvey (Gilardi), you are now bared from registering - except for special circumstances as above. I do feel sorry for all those who have missed out and I am sorry to have to be the bearer of such bad news. Let's hope you have all registered with Grant Thornton. Sadly I cannot help those of you who missed last Septembers deadline with Janvey.

 Read More: http://sivg.org.ag/topic199.html 

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

This just in from Baker Botts, hope it helps

The answer to your question concerning payments to trust beneficiaries is addressed on the Frequently Asked Questions page of the Stanford Financial Receivership Claims Website -- under FAQs relating to Trusts, Deceased Accountholders, and Related Beneficiaries -- which states specifically:

 1. How will the Receiver handle payments to beneficiaries of trusts, including trusts formerly administered by Stanford Trust Company, Ltd. in Antigua? Pursuant to the Notices of Determination issued by the Receiver, any payments regarding trusts' accounts will be made to the trusts themselves as payees. However, should the Receiver receive a request to change the payee from a trust to the trust beneficiaries, the Receiver will first need to verify the identities and ownership capacities of all beneficiaries of the trust, which may involve requests for additional information from those individuals, before making the requested change. Please note that any request to change the payee from a trust to its beneficiaries must include the express approval of all such beneficiaries.

The link to the FAQ section of the website is as follows:

 http://www.stanfordfinancialclaims.com/Home/FAQ#52

 Requests to have checks reissued, along with supporting documentation, can be submitted to the Receivership within 180 days of the date the check was issued in writing by email at info@stanfordfinancialclaims.com and by mail at Stanford Financial Claims, c/o Gilardi & Co., LLC, P.O. Box 990, Corte Madera, CA 94976-0990.

 As we also state in the FAQs, people should not include requests for changes to payee names on the certification forms they return, and such requests will not be honored. Most claimants who had similar issues properly raised them as part of the notice of determination objection process, as the payee names are stated in the notices of determination. The only other way to make such a request after the check has issued is in writing per the instructions above. Claimants certainly can contact Gilardi by phone but the actual request for the payee name change and check reissuance must be in writing and signed by all beneficiaries of the trust.

 I have inquired with Gilardi regarding the answering of phone calls, and they have indicated they are continuing to receive and handle phone calls on a regular basis.

 As to claims that were listed for payment on the second distribution schedule, the checks were actually mailed on September 26, 2013. Thus, it is likely that many, have not yet arrived at their destinations. Regards,

 Read Responses Here: http://sivg.org.ag/topic196.html 

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