Stanford Ponzi Scheme Receiver Battles Ex-GC For Records

The receiver unwinding Robert Allen Stanford’s $7 billion Ponzi scheme asked a Texas federal judge Thursday to force Stanford’s former general counsel to show why he hasn’t produced requested documents regarding his bank accounts and properties in Texas and Florida in the receiver’s clawback suit targeting Stanford’s legal advisers.

Ralph S. Janvey, the receiver for Stanford International Bank Ltd., says Pablo Mauricio Alvarado, a partner at SMPS Legal who splits his time between Miami and Bogota, Colombia, has failed to comply with the court’s order granting…

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/



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Receiver and Official Stanford Investors Committee Announce Settlement with Hunton & Williams, LLP

On August 16, 2017, the Receiver, the Official Stanford Investors Committee (“OSIC”) and certain individual Investor Plaintiffs filed a Motion seeking Court approval of a settlement entered into with Hunton & Williams, LLP (“Hunton”). Pursuant to the terms of the settlement, the Receivership Estate will receive $34 million. On August 23, 2017, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Hunton Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Hunton Settlement at 10:00 a.m. on Tuesday, November 28, 2017. Any party wishing to file an objection to the Hunton Settlement must do so no later than Tuesday, November 7, 2017.

You may access the materials pertaining to the Hunton Settlement and the HUNTON SETTLEMENT FAQ by clicking HERE

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



Lawmakers press DOJ to help victims of Ponzi scheme

Seven lawmakers on Monday asked the Justice Department to investigate whether a Swiss bank is illegally blocking the transfer of restitution funds for victims of the second-largest Ponzi scheme in United States history.

In a Monday letter, representatives from both parties asked Attorney General Jeff Sessions to review whether Swiss bank Societe Generale is complying with a 2013 settlement meant to return a major portion of $210 million to victims of Allen Stanford’s pyramid investment scheme.

The lawmakers asked Sessions “to review this issue and re-engage on behalf of U.S. victims to expedite the return of the frozen assets so they can be properly distributed.”

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



Receiver files 1st Schedule of Payments to be Made Pursuant to the 4th Interim Distribution Plan

On June 30, 2017, the Receiver filed with the United States District Court for the Northern District of Texas, Dallas Division, the 1st Schedule of distribution payments under the 4th Interim Distribution Plan. The 1st Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis.

To view a copy of the 1st Schedule, 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/



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/



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/