Stanford receiver moves to auction property

The Stanford Financial Group receiver, Ralph Janvey, who recently filed a request for expenses totaling as much as $20 million, filed a motion with the court to classify the company under Chapter 15. Under the filing, the receivership would be allowed to auction off Stanford property. The sale of properties in Texas, Michigan, Tennessee, North Carolina and Mississippi would help to recover funds that could be distributed to victims of the Ponzi scheme alleged by the Securities and Exchange Commission. The auctions would include the Houston office and, if possible, properties in the Caribbean which were also owned by Stanford. The court has neither denied nor approved Janvey’s request for Chapter 15. Read the statement from the court here.—Olivia Watkins