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.

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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 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…

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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 Receiver, Investors Seek OK Of $120M Willis Deal

The receiver overseeing recovery for victims of R. Allen Stanford’s $7 billion Ponzi scheme and investors on Wednesday asked a Texas federal judge to sign off on a $120 million settlement with insurance brokerage Willis Towers Watson Public Ltd. Co.

Willis had been accused of aiding Stanford’s scheme by vouching for him and his insurance policies in letters to investors, mainly in Latin America, which investors claim helped convince Stanford’s victims that their investments were safe and insured.

The receiver, Ralph S. Janvey, as well as…

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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/



Envoy Must Return Cash Tied to Ponzi Scheme

Former U.S. Ambassador to Ecuador Peter Romero must return more than $700,000 that convicted Ponzi schemer R. Allen Stanford paid him during his eight years as an international advisor, the Fifth Circuit ruled.

A three-judge panel rejected the former dignitary’s argument that the court-appointed receiver for Stanford’s companies did not timely file his February 2011 complaint.

Stanford – who turns 66 next week – is serving a 110-year prison sentence after a federal jury in Houston, Texas, convicted him in 2012 of running a $7 billion Ponzi scheme premised on the sale of phony certificates of deposit.

In 2011, receiver Ralph Janvey went after Romero, one of several political figures recruited to lend credibility to Stanford’s fraudulent operations. Romero’s case was the first to go to trial.

Romero, appointed to the ambassadorship by Bill Clinton, retired from the U.S. Department of State in 2001…………………..

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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/



Proskauer, Chadbourne Can’t Invoke Americold, Investors Say

Investors who accuse Chadbourne & Parke LLP and Proskauer Rose LLP of facilitating Robert Allen Stanford’s $7 billion Ponzi scheme told a Texas federal court Monday that a U.S. Supreme Court ruling on jurisdiction for nebulous legal entities can’t help the firms escape the suit.

The law firms claim the court lacks jurisdiction since most of the investors were foreign and because the firms were stateless for legal purposes, and say the Supreme Court’s March 7 holding in ConAgra Foods et al. v. Americold Logistics et……..

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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/



Texas Justices Will Hear Key Ponzi Scheme Case In January

The Texas Supreme Court on Friday teed up a key legal question for oral argument in the R. Allen Stanford Ponzi scheme’s receiver’s quest to recover millions from The Golf Channel Inc. and other businesses paid by Stanford during his sprawling fraud.

The high court said it will hear oral argument in January on a certified question from the Fifth Circuit on what constitutes “value” under the Texas Uniform Fraudulent Transfer Act. The answer will determine whether the market value of ads the now-defunct Stanford Financial…

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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/