The court-appointed receiver for the Stanford Group has requested that $137 million in customer accounts held with the Louisiana-based Stanford Trust Company be released. The 174 accounts Ralph Janvey suggested for release to the courts Friday still exclude any brokerage accounts that maintain ownership in Stanford International Bank Ltd. certificates of deposit.
If the courts rule to approve the release, details for transferring the brokerage accounts will be posted on the Stanford Financial Group Receivership Web site, as was done with the previously released accounts held with Pershing LLC and the JP Morgan Clearing Corp.
There currently are 1,438 Stanford Trust Company accounts being held by the receivership. The total value, excluding CDs of those accounts is $187 million—meaning all but $50 million of non-CD assets will be available for client access through transfer to a new trustee. According to Janvey, 82% of the remaining accounts are comprised almost exclusively of CDs.—Olivia Watkins
