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Friday, October 14, 2011

Stanford Fallout Continues in Dallas


DALLAS -- The $7 billion Ponzi scheme allegedly masterminded by Houston's Allen Stanford has a Dallas component.

The receivership aspect off the proceeding, involving all the property and its victims, is in a federal district court in Dallas.

The case is now 32-months-old. Angry lawyers and their clients gathered Thursday to find out the status of the case.

John Wade, a Louisiana veterinarian, who lost his company's pension to Stanford and also represents 1500 victims in Louisiana, was at Thursday's hearing.

"I see people that have died," said Wade, describing what's happened in the months while the case has languished.

"I see people that have gone through and tried to hold onto their assets and ultimately they've lost them," he said.

Some of the issues in the Dallas case are how much money and property is at stake, its location and who should have a voice in the matter.

Many of Stanford's investors were from Central and South America. His company was headquartered on the island of Antigua, which wants a prominent voice in the case.

Meanwhile lawyers administering the proceedings have already charged tens of millions of dollars in fees, while victims have received nothing.

"We're looking at recovery of maybe 10 or 15 cents on the dollar in liquidation of assets which for some of these people is not nearly enough," said Ed Snyder, attorney representing victims.

The criminal trial of Allen Stanford was supposed to happen January 2011. It has been delayed until January 2012, while his mental competency is evaluated. Lawyers told the Dallas courtroom it may well be delayed again.

Former Texas billionaire R. Allen Stanford remains in a Houston prison. Stanford is accused of putting the money in fake certificates of deposit.

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