Las víctimas olvidadas de Stanford ahora disponible en español

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

Sunday, February 28, 2010

U.S. judge OKs sale of Stanford's Panama assets

The receiver overseeing accused swindler Allen Stanford's estate may proceed with the sale of the firm's bank and brokerage in Panama, a U.S. judge said on Wednesday.

Ralph Janvey, the court-appointed receiver, may proceed with the sale of Stanford Bank S.A. and Stanford Casa de Valores in Panama City, two assets held by Stanford International Holdings S.A., U.S. District Judge David Godbey said in a one-page order.

Panama's bank regulator seized Stanford's Panama operations last year after the U.S. Securities and Exchange Commission accused Texas billionaire Allen Stanford of running a $7 billion Ponzi scheme.

Janvey had previously negotiated the sale of the Stanford assets to Strategic Investments Group for $15.5 million, according to court documents.

Stanford, 59, opposed the sale. He has denied any wrongdoing and is in a Houston jail awaiting trial on criminal charges related to the fraud.

1 comment:

  1. Final closing occurred on 03/31/2010 in Panama. All 2,900 local clients of local bank unit recouped 100% of their deposits (principal and accrued interest). All 100 clients of local broker dealer unit recouped 100% of their investment positions.

    The delay in the sale was in large part due to the unfreezing process of the bank's portfolio worldwide, where authorities distinct from those of the U.S. and Panama had also frozen all of the bank's portfolio investments. Stanford Bank (Panama), S.A. did not have any of its portfolio placed in Antigua. Strict supervision by Panamanian and U.S. authorities, and the visibility of Panamanian bank portfolio's perhaps influenced Allen Stanford, and his codefendants in the separate criminal trial, in not plundering any of the bank's portfolio. Neither Allen Stanford nor any of said codefendants were members of the board or otherwise direct executives of the Panamanian entities at the time the Bank was placed in administrative and operative control by the Superintendence of Banks in February 2009.

    The bank and broker dealer are to resume operations with the new owners. Name is to be changed prior to its opening of doors in full on July 1st, 2010.

    The full purchase price comprised of cash and securities is being paid onto the U.S. receivership's estate in favor of depositors and creditors of the Stanford International Bank ltd. debacle.