Following the release of some small accounts under $250,000 last week, the Stanford Financial Group Receiver, Ralph Janvey, released a recommendation to the court late this afternoon which would allow the transfer of a substantial number of brokerage accounts that fall into one of three categories:
– brokerage accounts with a net asset value of $250,000 or more;
– brokerage accounts held in custody at J.P. Morgan Clearing Corp.; and
– brokerage accounts managed by Stanford companies whether they have a net asset value of more or less than $250,000.
The statement released by Janvey this afternoon said that the “Receiver is attempting to balance the hardship on account holders of a continued hold on the accounts against the benefits of the hold to the Receivership Estate.”
However of those accounts that fall into the three categories above, only those that are not linked to the Stanford International Bank certificates of deposit or are linked to Stanford “shareholders, directors or certain employees” will be recommended for release to the Court.
For more information on which accounts will be released, see the document here.—Olivia Watkins