Stanford investors seek liquidators pact on claims process
A group of Stanford International Bank Ltd. depositors have asked a U.S. judge to order the receiver he appointed and rival bank liquidators selected by a Caribbean court to collaborate on a process to pay victims of R. Allen Stanford's $7 billion fraud scheme, Bloomberg reports. The depositors and other creditors of the Houston-based Stanford Group Co. securities firm filed their request Thursday with U.S. District Judge David Godbey. The judge on Wednesday described as "mind-boggling" the continuing dispute between Dallas lawyer Ralph Janvey—whom Godbey appointed in February 2009 to collect and liquidate Stanford assets to pay off creditors—and the two Grant Thornton accountants asked to do comparable work by the Eastern Caribbean Supreme Court for Antigua and Barbuda. "Something is terribly wrong here," the Stanford depositors and creditors told Godbey in the filing. "This simply should not have been that hard." A federal jury in Houston in March convicted Stanford, 62, of leading a $7 billion international banking fraud scheme centered on the sale of certificates of deposit by his Antigua-based bank. He is scheduled to be sentenced on June 14. Read the full story here.
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