R. Allen Stanford has asked a federal judge to release at least $10 million of his personal assets, according to the Dallas Morning News. Stanford says without access to at least a portion of his assets, he cannot adequately prepare for any civil suits or criminal indictments he may face. Stanford’s finances were frozen when the SEC filed charges alleging he was running an $8 billion Ponzi scheme. Read the story here.
The Dallas Morning News ran a profile of a retired airline pilot and Stanford investor struggling to maintain a comfortable retirement. Dick Helm and his wife have at least $1.1 million worth of CDs at Stanford’s offshore bank, but those accounts also have been frozen. Despite that Helm’s financial advisers were included in the suit filed against a group of Stanford employees that directly profited from the sale of the disputed CDs, Helm and his wife tell the newspaper they still trust their advisers. Read the story here.
While investors like Helm and many in the Baton Rouge area are frustrated with the lack of access to their frozen accounts, advisers in Stanford offices around the country are being given a last chance to clear out their desks. Starting this afternoon, the receiver is allowing financial advisers to tie up any loose ends with investors’ documents in roughly three- to six-hour time spans. After that, the employees will be permanently barred from the buildings and the offices will be closed again. Read receiver’s notice to Stanford employees here.—Olivia Watkins
