Stanford Receiver Renews Fight Over $88M Clawback Verdict

The court-appointed receiver handling the Ponzi implosion of Stanford International Bank asked a Texas federal judge on Thursday to overturn a jury’s decision keeping $88 million in Stanford cash in the hands of the cable and truck-racing magnate who received it shortly before Stanford collapsed.

Receiver Ralph Janvey filed a renewed motion for judgment as a matter of law, asking a judge to undo a jury verdict finding that Janvey cannot claw back the money from Gary Magness’ legal entities. Janvey told U.S. District Judge David Godbey there’s…

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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/



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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…

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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/



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..

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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/



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…

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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/



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…

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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/



United States Supreme Court Denies Petition for Writ of Certiorari in the Criminal Case Against R. Allen Stanford

In 2012, a jury convicted R. Allen Stanford of one count of conspiracy to commit wire fraud and mail fraud in violation of 18 U.S.C. §§ 1341, 1343, and 1349; four counts of wire fraud in violation of 18 U.S.C. §§ 1343 and 2; five counts of mail fraud in violation of 18 U.S.C. §§ 1341 and 2; one count of conspiracy to obstruct a Securities and Exchange Commission (“SEC”) investigation in violation of 18 U.S.C. §§ 1505 and 371; one count of obstruction of an SEC investigation in violation of 18 U.S.C. §§ 1505 and 2; and one count of conspiracy to commit money laundering in violation of 18 U.S.C. § 1956(h). The United States District Court for the Southern District of Texas sentenced Stanford to a term of 110 years in prison, and the United States Court of Appeals for the Fifth Circuit unanimously affirmed the District Court’s judgment. Stanford then filed a petition for writ of certiorari in the United States Supreme Court. On November 28, 2016, the Supreme Court denied Stanford’s petition, thus upholding his 2012 conviction.

To view a copy of the order denying Stanford’s petition, 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/