Las víctimas olvidadas de Stanford ahora disponible en español

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

http://victimasolvidadasdestanford.blogspot.com/

Thursday, March 5, 2015

Stanford Receiver Wins First Fraudulent Transfer Jury Trial

In the Northern District of Texas, in mid-February, a jury handed down the first verdict in a fraudulent transfer case arising from the Robert Allen Stanford Ponzi scheme. Second only to Bernie Madoff’s Ponzi scheme in sheer scope and alleged losses, Stanford’s scheme purportedly cost defrauded investors over $7 billion before it finally unraveled in 2009. Stanford had offered investors high rates of return on supposedly secure certificates of deposit through Stanford International Bank and a Byzantine web of other, related international financial institutions. The litigation overseen by Ralph Janvey, the Receiver appointed to unwind Stanford’s illegitimate empire and recover funds for defrauded investors, has resulted in a Supreme Court decision (Chadbourne & Park LLP v. Troice), dozens of reported cases, and scandalous allegations about the SEC’s diligence in investigating Stanford; however, until now, there have been no jury verdicts requiring those who purportedly received ill-gotten investor funds to return those funds to the Receiver.


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/


DOJ to 5th Circuit: Allen Stanford belongs in prison, says his Ponzi scheme lasted 20 years

Allen Stanford once ruled a global banking empire with reported
assets of more than $8 billion. In fact, it was a massive Ponzi
scheme from the beginning. Here, he poses in his Houston
attorney’s office in 2009. He was convicted three years later.

WASHINGTON–The Department of Justice’s reply brief contesting Allen Stanford’s last-ditch effort to get out of prison makes for tough reading, especially for the more than 20,000 victims who lost their investments to Stanford’s widespread and enormous Ponzi scheme.

 After months spent wading through Stanford’s nearly 300-page appeal, the U.S. Department of Justice has finally responded with a tome of its own. In nearly 200 pages filed Tuesday, the DOJ confronts each of Stanford’s many, many arguments for why he was wrongly convicted in 2012. He’s serving a 110-year sentence in a federal prison in Central Florida.

 Stanford’s October appeal, which he wrote himself, raised many legal issues, but I’ll leave it to the Fifth Circuit Court of Appeals to sift through his arguments–and their counterpoints made by the Justice Department. In short, though, he claims that the CDs issued by Stanford International Bank in Antigua weren’t really securities under the law, and therefore not subject to SEC jurisdiction or the reach of the U.S. securities laws in general. He claims that the federal judge in Houston who heard his case was biased, that he made many errors and that Stanford was left without adequate funds or time to properly defend himself.

Read the Full Article here including the USA Response to the Stanford Appeal

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


Thursday, February 19, 2015

Government Eyes Stanford Lands

The Antigua and Barbuda Government plans to make an offer to the Joint Liquidators of the Stanford Development Company (SDC) for the purchase of the Pavilion Restaurant and seven acres of adjacent land.

 This comes out of a meeting of the Cabinet on Wednesday. Reliable sources say the decision to procure the property which sits within the precincts of the V.C. Bird International Airport is influenced by a number of factors........



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/


Wednesday, February 18, 2015

Five years after Stanford scandal, many victims penniless


Five years after learning they were victims of a $7 billion Ponzi scheme, investors in the Stanford Financial Group say they feel abandoned, even though their losses rival those in the Madoff scam that was revealed two months earlier.

Unlike the Madoff case, in which a court-appointed trustee has said he is well on his way to recovering all of the investors' principal—estimated at $17.5 billion—Stanford victims have recovered less than one penny on the dollar since the Securities and Exchange Commission sued the firm and a court placed it in receivership on Feb. 17, 2009.

 "I do have to say the Stanford victims do feel like the stepchildren in the Ponzi world," said Angela Shaw Kogutt, who estimates her family lost $4.5 million in the scam. Shaw heads the Stanford Victims Coalition, which has been trying for years to drum up support in Washington.

 Some 28,000 investors—10 times the number of direct investors in the Madoff case—bought certificates of deposit from Stanford International Bank in Antigua, which was owned by Texas financier R. Allen Stanford. Stanford's U.S. sales force had promised the investors—many of them retired oil workers—that the CDs were at least as safe as instruments from a U.S. bank. But a jury later found most of the clients' money financed Stanford's lavish lifestyle instead of the high-grade securities and real estate it was supposed to.

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/