The Stanford Financial Receivership has begun “testing” clawbacks on some of the alleged Ponzi scheme’s proceeds and payments. Last week, Receiver Ralph Janvey filed two claims against select investors in District Court in Dallas, the first of which includes several former and current Major League Baseball players named as relief defendants, and the second filing named Divo Milan Haddad and Singapore Punta Mita Pte. Ltd. In a statement following the two filings, Janvey says the suits serve to “determine whether and how the receiver may proceed with other similar claims to recover CD-related proceeds from other recipients.”
The two claims, the first filed June 22 and the second on June 25, attempt to recoup as much as $18.5 million combined. How the court rules on these two cases will help the receiver determine which—if any—additional investors must repay profits of the CDs.
In interviews with Business Report several investors who are part of the Louisiana Stanford Victims Group said they were concerned about the possibility of clawbacks. During the same set of interviews, industry professionals suggested the receiver likely will pursue only those investors capable of returning funds to the estate—rather than those who have are struggling to make ends meet.
To read the receivers’ statement in full, click here.—Olivia Watkins
