Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Banner Left
Banner Right

Stanford examiner urges release of funds

Stanford examiner urges release of funds

HOUSTON – The court-appointed examiner for customers of accused swindler Allen Stanford called for the release of more accounts suspected of holding funds related to an US$8,5 billion fraud.

‘The law simply does not support a continuing freeze of customer accounts that belong to third parties who have done nothing wrong,’ John Little, the examiner said in his first status report filed in federal court in Dallas late on Thursday.
Allen Stanford and two executives that helped run his financial empire are accused by the US Securities and Exchange Commission of an fraud involving certificates of deposit (CDs) issued by Stanford International Bank in Antigua.
Ralph Janvey, the court-appointed receiver charged with preserving Stanford assets for the firm’s customers, was granted broad authority by US District Judge David Godbey in February to freeze accounts holding funds believed to be linked to the alleged fraud.
So far, the receiver, with court approval, has released 92 per cent of Stanford customer brokerage accounts that were held at Pershing and JPMorgan and contained US$4,6 billion in assets.
But more than 1 000 accounts are still frozen, leaving some customers with no funds to pay for necessities like medical bills, the examiner wrote.
A spokesperson for Janvey was not immediately available for comment. But also on Thursday, US District Judge Godbey granted Janvey’s motion to release accounts that received only ‘de minimis’ proceeds from Stanford International Bank Ltd.
Janvey and his lawyers argued in prior court papers that that would speed up the process.
Little also said in the report that Janvey has no right to pursue ‘claw back’ claims from customers who redeemed funds from certain accounts in the year before his appointment on Feb. 17. -Nampa-Reuters

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!

Latest News