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Wednesday, June 21, 2017

Update on Receiver's Lawsuit Against Former Stanford Financial Advisors

In March 2017, the Fifth Circuit Court of Appeals confirmed that the Receiver is not required to arbitrate his claims to recover payments to former Stanford financial advisors and other Stanford employees of proceeds generated from the sale of Stanford International Bank CDs. Following entry of judgment by the Court of Appeals, the Receiver returned to the District Court to pursue those claims. On June 15, 2017, the Receiver filed an amended complaint, consolidating several previously-filed complaints and identifying newly-discovered payments received by the defendants. 

As amended, the Receiver's complaint now seeks to recover more than $289 million from 313 former financial advisors and other Stanford employees. The Receiver alleges that the payments the defendants received were fraudulent transfers; that the defendants failed to provide reasonably equivalent value in exchange for the payments; and that the defendants did not take the payments in good faith. The Receiver also alleges that the defendants were unjustly enriched by the payments, at the expense of Stanford investors. The lawsuit seeks return of the payments, together with prejudgment interest and attorneys' fees.

The District Court has set the Receiver's claims for trial beginning in July 2018.

To view a copy of the amended complaint, and a copy of the Court's scheduling order setting the Receiver's claims for trial, 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/


Friday, May 19, 2017

District Court Approves Settlement with Certain Underwriters at Lloyd’s of London, Lexington Insurance Company, and Arch Specialty Insurance Company

On May 16, 2017, the District Court approved a settlement agreement by and among the Receiver and Official Stanford Investors Committee and Certain Underwriters at Lloyd’s of London, Lexington Insurance Company, and Arch Specialty Insurance Company. Pursuant to the terms of the settlement, once the District Court’s order becomes final, the Receivership Estate will receive $65.0 million. Following receipt of the settlement funds, the Receiver will file a motion asking the District Court for permission to distribute the proceeds of the settlement, net of attorneys’ fees awarded by the Court, to Stanford Investors who have claims approved by the Receiver.

To view a copy of the Court’s Order approving the settlement, click here

To view a copy of the Court’s Order approving attorneys’ fees, 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/


Wednesday, May 17, 2017

Court Approves Receiver's 4th Interim Distribution Plan

On May 16, 2017, the Court approved the Receiver's 4th Interim Distribution Plan. A copy of the order approving the 4th Interim Distribution.


To view the Receiver's 4th Interim Distribution Plan, please 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/


Friday, April 28, 2017

Receiver files additional Schedules of Payments to Be Made Pursuant to the 1st, 2nd, and 3rd Interim Distribution Plans

On April 27, 2017, the Receiver filed with the United States District Court for the Northern District of Texas, Dallas Division, the 16th Schedule of distribution payments under the 1st Interim Distribution Plan, the 7th Schedule of distribution payments under the 2nd Interim Distribution Plan, and the 3rd Schedule of distribution payments under the 3rd Interim Distribution Plan. These three Schedules will be followed by others, each of which will be submitted by the Receiver on a rolling basis.


To view a copy of these three Schedules, please 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/


Saturday, April 15, 2017

US appeals court holds that Antigua-Barbuda is not liable to Stanford Ponzi victims

NEW ORLEANS, USA -- The US Fifth Circuit Court of Appeals has held that the Foreign Sovereign Immunities Act (FSIA) bars Stanford International Bank Ltd (SIBL) Ponzi scheme victims from bringing a claim against Antigua and Barbuda, a foreign state. The decision reversed a ruling by the US District Court for the Northern District of Texas.

 The Stanford victims successfully argued in the trial court that the commercial activity exception allowed civil suits brought by them, as well as the argument that Antigua and Barbuda had waived sovereign immunity, but the Fifth Circuit disagreed, reversing the lower court decision, on both issues.


To view the full article including a copy of the Fifth Circuit’s Court of Appeals judgment, 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/


EIGHTH REPORT OF THE JOINT LIQUIDATORS OF STANFORD INTERNATIONAL BANK (IN LIQUIDATION)

To view the Eighth Report of the Joint Liquidators of Stanford International Bank (In Liquidation, 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/


Wednesday, March 29, 2017

Foreign Sovereign Immunities Act. Subject Matter Jurisdiction. Fifth Circuit determines Antigua not subject to U.S. court jurisdiction under Foreign Sovereign Immunities Act in Stanford Ponzi scheme cases.

Antigua, USA March 27 2017
 Frank v. Commonwealth of Antigua and Barbuda, No. 15-10717, consolidated with The Official Stanford Investors Committee v. Antigua and Barbuda, No. 15-10788 (5th Cir. Nov. 22, 2016) [click for opinion]

The Commonwealth of Antigua and Barbuda ("Antigua") successfully appealed a district court ruling that under certain exceptions to the Foreign Sovereign Immunities Act (the "FSIA"), Antigua was subject to suit relating to its alleged involvement in the Stanford Ponzi scheme. Finding that the commercial activity exception to sovereign immunity was not satisfied and that the waiver exception applied only to claims for which jurisdiction was conceded by Antigua, the Fifth Circuit reversed the district court's determination that it had jurisdiction over certain claims against Antigua, a foreign nation, and remanded for further proceedings.

The plaintiffs in two putative class actions filed suit alleging Antigua was involved and complicit in the Ponzi scheme perpetrated by Allen Stanford. Stanford owned and operated numerous financial entities, including an offshore bank in Antigua, which he used in his scheme to defraud investors. Plaintiffs alleged that Antigua actively and willingly participated in Stanford's scheme and knowingly provided Stanford and his businesses a safe harbor from regulatory scrutiny. They asserted that Stanford and Antigua had a quid pro quo relationship in which Stanford paid incentives and bribes and made loans to Antigua and its public officials to ensure that he and his organizations were deemed compliant with relevant local regulations. The two putative class actions were consolidated for appeal solely to address whether, under the FSIA, Antigua is subject to the jurisdiction of U.S. courts............


To view the full ruling and a copy of the Fifth Circuit’s judgment, 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/


Wednesday, March 22, 2017

Fifth Circuit Rules Receiver Not Required to Arbitrate $215 million Fraudulent Transfer Claim Against Former Stanford Financial Advisers

On March 16, 2017, the Fifth Circuit Court of Appeals issued its mandate in Janvey v. Alguire, Case No. 14-10857, bringing to a close a long-running dispute between the Stanford Receiver and more than 300 former Stanford financial advisers who were trying to compel the Receiver to assert his claims against them in arbitration.

 The financial advisers had asserted that the Receiver was bound by Allen Stanford’s agreements with them to arbitrate any disputes arising out of their employment with Stanford. In a per curiam opinion, a panel of the Fifth Circuit unanimously held that the Receiver was not bound to those arbitration agreements because he was bringing his claims on behalf of Stanford International Bank alone, a receivership entity that never had any arbitration agreement with the former Stanford brokers.

 The Receiver’s lawsuit seeks to recover more than $215 million in fraudulent transfers made to the former Stanford brokers, all of whom profited from the sale of fraudulent Stanford International Bank CDs. In a concurring opinion, Judge Higginbotham colorfully summarized the Receiver’s lawsuit thusly:.............


To view the full ruling and a copy of the Fifth Circuit’s judgment and opinion, 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/


Friday, March 10, 2017

Chadbourne Says Stanford Receiver Deal Nixes Investor Suit

Chadbourne & Parke LLP told a Texas federal judge on Wednesday that investors accusing it of facilitating Robert Allen Stanford’s $7 billion Ponzi scheme no longer have a viable claim after agreeing to a $35 million settlement and bar order with the receiver overseeing recovery for victims of the scheme.

 The investors, the bulk of whom are Mexican citizens, claim Chadbourne as well as Proskauer Rose LLP and the firms’ attorneys aided the Ponzi scheme, in which Stanford's foreign bank sold investors sham securities called certificates...


To view the full article, 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/


Saturday, February 18, 2017

$3.9M Ends SEC's Stanford Ponzi Claims Against Ex-Exec

A former executive at one of Ponzi schemer R. Allen Stanford’s financial firms has agreed to pay the U.S. Securities and Exchange Commission nearly $3.9 million to settle claims related to his role in the fraud, according to a Friday decision by the regulator.

Jay T. Comeaux, shuttered Stanford Group Co.'s onetime president and executive director, will pay $3.1 million in disgorgement, $495,000 in interest and a $289,000 penalty under the agreement. The sum of the ill-gotten gains he must repay is about $300,000 lower than...


To view the full article, 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/


Friday, February 17, 2017

Billionaire Slams Stanford Receiver’s $88M Clawback Bid

A Colorado billionaire who won a jury trial in an $88 million clawback suit aimed at recovering money invested in R. Allen Stanford’s $7 billion Ponzi scheme told a Texas federal judge on Wednesday the receiver for the fraud continues to use arguments rejected previously to force a judgment against him.

Billionaire Gary Magness said Ralph S. Janvey continues to claim it would not have been futile to investigate the source of $88.2 million in loans received from a bank affiliated with the scheme, despite multiple...


To view the full article, 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/


Tuesday, January 31, 2017

Stanford Trustee Can't Toss Ex-Diplomat's Ch. 7 For $1.2M

A Maryland federal judge on Monday affirmed a bankruptcy court’s refusal to dismiss Chapter 7 bankruptcy proceedings by former U.S. diplomat Peter Romero, saying that the receiver in the Robert Allen Stanford Ponzi scheme can’t pursue exempt assets for a $1.2 million judgment against Romero.

Romero, the former ambassador to Ecuador, filed for Chapter 7 bankruptcy protection after a Texas federal judge ordered him to pay $1.2 million in fraudulent transfers from his time as an adviser to Stanford. Stanford receiver Ralph Janvey was denied a...


To view the full article, 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/


Friday, January 27, 2017

Stanford Ponzi Receiver Doubles Down On Clawback Claim

The receiver for R. Allen Stanford’s $7 billion Ponzi scheme on Wednesday urged a Texas federal judge to force an investor to repay $88.2 million, saying that a jury’s recent finding blocking the attempted clawback actually proved the investor knew about the plot.

 A Texas federal jury found earlier in January that billionaire Gary Magness shouldn’t have to return $88.2 million in loans from a bank affiliated with Stanford’s $7 billion scheme, saying that although investment vehicles owned by Magness had notice of the Stanford empire's..


To view the full article, 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/


Tuesday, January 24, 2017

Ninth-Justice Argument Rejected In Stanford Ponzi Case

The U.S. Supreme Court on Monday refused to reconsider its decision not to hear an appeal from convicted Ponzi schemer Robert Allen Stanford, who's serving a 110-year sentence for running a $7 billion fraud, rejecting Stanford's request it take up the case after President Donald Trump appoints a ninth justice. Stanford had filed a petition for rehearing on Dec. 23, seeking another shot at appealing his prison sentence, arguing a Trump-appointed justice serving on a fully staffed nine-member bench could make all the difference in his...


To view the full article, 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/


Thursday, January 19, 2017

Jury Blocks Stanford Receiver's $88M Clawback Claim

A Texas federal jury on Wednesday found billionaire Gary Magness acted in good faith when taking out $88.2 million in loans from a bank affiliated with R. Allen Stanford’s $7 billion Ponzi scheme, blocking a clawback claim by the receiver for the Stanford fraud.

The seven-member jury deliberated for about three hours before finding that three investment vehicles owned by Magness had notice of the Stanford empire's potentially being fraudulent and should have investigated, but that it would have been futile for Magness to attempt to...


To view the full article, 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/