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Tuesday, 26 May 2015

Stanford Ponzi Receiver Sues State Department

The receiver for R. Allen Stanford's $7 billion Ponzi scheme demands documents from the State Department and Customs as he hunts for $16.4 million in fraudulent transfers.

 Ralph Janvey filed motions to compel the two agencies to deliver records on forrmer Stanford insiders David Miguel Nanes and wife Hasibe Elizabeth Ancona. His May 21 motion in Federal Court seeks their passport records and any contact information on file.

Stanford was convicted in 2012 in Houston of selling phony certificates of deposit. He is serving 110 years in federal prison.

 "The Receiver believes that Mr. Nanes and Ms. Ancona have both possession and knowledge of the location of several million dollars that Mr. Nanes and his companies received as fraudulent transfers from the Stanford Ponzi scheme," the 20-page motion to compel the State Department states. "Indeed, the receiver has a judgment against Mr. Nanes's company, Wealth Management Services, Ltd., in a separate lawsuit for over $9.8 million in fraudulent transfers."...................


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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/


Tuesday, 19 May 2015

Two Recent Decisions Potentially Expand Fraudulent Transfer Exposure in Ponzi Schemes

Two recent decisions from the Fifth Circuit and Eighth Circuit could expand the fraudulent transfer exposure of unknowing third parties that provide goods, services, or funding to companies operating Ponzi schemes.

 Janvey v. The Golf Channel 

 The Fifth Circuit's recent decision in Janvey v. The Golf Channel, Inc., if followed by courts in other circuits, could leave many unknowing vendors and service providers in Ponzi scheme cases without a defense to fraudulent transfer claims by a trustee or receiver. 

The decision arises from the highly-publicized, multi-billion dollar Ponzi scheme perpetrated by Allen Stanford. In 2009, the Securities and Exchange Commission filed a civil enforcement action in the Northern District of Texas, obtained a freeze of all assets of Stanford International Bank, Ltd. ("Stanford") and its affiliates, and requested the appointment of Ralph S. Janvey as receiver ("Receiver"), which the district court granted.

 Advertising provided no value to creditors, transfers recoverable by receiver

 Stanford had paid The Golf Channel, Inc. ("Golf Channel") a total of $5.9 million for advertising and other promotional services related to Stanford's sponsorship of a PGA Tour event held in Memphis, Tennessee.........


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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/


Monday, 18 May 2015

US firms pay $2.7m in settlement over Ponzi schemes

The two Louisiana firms have not admitted liability but have agreed to pay at least $1m each to settle claims that their conduct helped jailed former billionaire Allen Stanford operate a gigantic Ponzi scheme. 

 Adams and Reese is paying $1m while Breazeale Sachse & Wilson will pay $1.7m. The claims were brought by an investors committee and a court-appointed receiver. The two firms are reported to have written opinion letters about the operations of Mr Stansford's scheme.

 Best interest 

 While neither practice accepted any liability, Breazeale's managing partner Scott Hensgens commented: 'However, after years of protracted litigation, we felt it was in the best interest of the firm to settle this matter.


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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/


Saturday, 16 May 2015

BDO settles Stanford litigation for $40M

BDO USA LLP, one of the world’s largest accounting firms, has agreed to pay $40 million to settle claims brought by thousands of investors who lost money in R. Allen Stanford’s Ponzi scheme. 

Lawyers for the receiver appointed to recover money lost in the $7 billion international fraud scheme and attorneys for about 20,000 investors, many of whom lost their life savings, disclosed the settlement Friday in a Dallas federal court filing. They asked the court to approve the deal.

 “It’s really the first significant settlement for the victims after six years,” said Edward Valdespino, a lawyer with San Antonio’s Strasburger & Price LLP, one of the law firms representing investors. Before this settlement, he believes the biggest award for victims had been about $5 million.

 BDO made no admission of wrongdoing in the settlement. In a statement, it said the settlement made the most sense given its insurance coverage and the costs associated with litigation...............


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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/


Thursday, 14 May 2015

Law Firms Pay $5M for Stanford Ponzi

DALLAS (CN) - Two Louisiana law firms will pay $5 million to settle claims they referred clients to R. Allen Stanford's $7 billion Ponzi scheme and gave fake opinions to Antiguan banking authorities. 

A proposed class of Stanford investors sued New Orleans-based Adams & Reese, Baton Rouge-based Breazeale Sachse & Wilson and several individuals in Federal Court in 2011.

 Court-appointed receiver Ralph Janvey filed a second suit in 2012, accusing the defendants of negligence, breach of fiduciary duty, aiding and abetting.

 Janvey also sued Adams & Reese attorneys Robert Schmidt and James Austin, Breazeale Sachse & Wilson attorney Claude Reynaud and Stanford Trust Co. directors Cordell Haymon and Thomas Frazier.

 Janvey said the defendant law firms "embarked on their own campaign to enrich themselves at their other clients' expense," and that while providing legal services to Stanford Financial, they referred their own clients to Stanford ...................


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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/


Friday, 1 May 2015

Ad Funds Paid to Network Recoverable as Fraudulent Transfer

Fraudulent transfer statutes like the Texas Uniform Fraudulent Transfer Act (TUFTA) generally provide an affirmative defense for transferees who can prove that they accepted a transfer in good faith and gave the debtor "reasonably equivalent value" in return. In the context of a failed Ponzi scheme, this defense may fall short if the goods or services provided by the transferee served to perpetuate the scheme in some way. In Janvey v. Golf Channel, 780 F.3d 641 (5th Cir. 2015), the U.S. Court of Appeals for the Fifth Circuit considered whether approximately $5.9 million in advertising fees accepted in good faith by the Golf Channel Inc. could be recovered as a fraudulent transfer by the court-appointed receiver of the failed Stanford International Bank Ponzi scheme.

A three-judge panel of the court clarified that the threshold question of whether "value" was given under TUFTA must be answered from the standpoint of creditors, rather than from a market perspective, and held that "services furthering a debtor's Ponzi scheme provide no value to the debtor's creditors" as a matter of law. Accordingly, the court rejected Golf Channel's affirmative defense, reversed the district court's dismissal of the receiver's complaint, and rendered judgment in favor of the receiver....................



Read the Full Article Here:

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/