Las víctimas olvidadas de Stanford ahora disponible en español

Las víctimas olvidadas de Stanford, ahora disponible en español en:

http://victimasolvidadasdestanford.blogspot.com/

Tuesday, May 19, 2015

Two Recent Decisions Potentially Expand Fraudulent Transfer Exposure in Ponzi Schemes

Two recent decisions from the Fifth Circuit and Eighth Circuit could expand the fraudulent transfer exposure of unknowing third parties that provide goods, services, or funding to companies operating Ponzi schemes.

 Janvey v. The Golf Channel 

 The Fifth Circuit's recent decision in Janvey v. The Golf Channel, Inc., if followed by courts in other circuits, could leave many unknowing vendors and service providers in Ponzi scheme cases without a defense to fraudulent transfer claims by a trustee or receiver. 

The decision arises from the highly-publicized, multi-billion dollar Ponzi scheme perpetrated by Allen Stanford. In 2009, the Securities and Exchange Commission filed a civil enforcement action in the Northern District of Texas, obtained a freeze of all assets of Stanford International Bank, Ltd. ("Stanford") and its affiliates, and requested the appointment of Ralph S. Janvey as receiver ("Receiver"), which the district court granted.

 Advertising provided no value to creditors, transfers recoverable by receiver

 Stanford had paid The Golf Channel, Inc. ("Golf Channel") a total of $5.9 million for advertising and other promotional services related to Stanford's sponsorship of a PGA Tour event held in Memphis, Tennessee.........


Read the Full Article Here:

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


Monday, May 18, 2015

US firms pay $2.7m in settlement over Ponzi schemes

The two Louisiana firms have not admitted liability but have agreed to pay at least $1m each to settle claims that their conduct helped jailed former billionaire Allen Stanford operate a gigantic Ponzi scheme. 

 Adams and Reese is paying $1m while Breazeale Sachse & Wilson will pay $1.7m. The claims were brought by an investors committee and a court-appointed receiver. The two firms are reported to have written opinion letters about the operations of Mr Stansford's scheme.

 Best interest 

 While neither practice accepted any liability, Breazeale's managing partner Scott Hensgens commented: 'However, after years of protracted litigation, we felt it was in the best interest of the firm to settle this matter.


Read More Here:

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


Saturday, May 16, 2015

BDO settles Stanford litigation for $40M

BDO USA LLP, one of the world’s largest accounting firms, has agreed to pay $40 million to settle claims brought by thousands of investors who lost money in R. Allen Stanford’s Ponzi scheme. 

Lawyers for the receiver appointed to recover money lost in the $7 billion international fraud scheme and attorneys for about 20,000 investors, many of whom lost their life savings, disclosed the settlement Friday in a Dallas federal court filing. They asked the court to approve the deal.

 “It’s really the first significant settlement for the victims after six years,” said Edward Valdespino, a lawyer with San Antonio’s Strasburger & Price LLP, one of the law firms representing investors. Before this settlement, he believes the biggest award for victims had been about $5 million.

 BDO made no admission of wrongdoing in the settlement. In a statement, it said the settlement made the most sense given its insurance coverage and the costs associated with litigation...............


Read the Full Article Here:

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


Thursday, May 14, 2015

Law Firms Pay $5M for Stanford Ponzi

DALLAS (CN) - Two Louisiana law firms will pay $5 million to settle claims they referred clients to R. Allen Stanford's $7 billion Ponzi scheme and gave fake opinions to Antiguan banking authorities. 

A proposed class of Stanford investors sued New Orleans-based Adams & Reese, Baton Rouge-based Breazeale Sachse & Wilson and several individuals in Federal Court in 2011.

 Court-appointed receiver Ralph Janvey filed a second suit in 2012, accusing the defendants of negligence, breach of fiduciary duty, aiding and abetting.

 Janvey also sued Adams & Reese attorneys Robert Schmidt and James Austin, Breazeale Sachse & Wilson attorney Claude Reynaud and Stanford Trust Co. directors Cordell Haymon and Thomas Frazier.

 Janvey said the defendant law firms "embarked on their own campaign to enrich themselves at their other clients' expense," and that while providing legal services to Stanford Financial, they referred their own clients to Stanford ...................


Read the Full Article Here:

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