229:
On 11 October 2011, the liquidators convened an online creditorsâ meeting. The liquidators emphasized that there was a huge shortfall between the available assets and the claims. The claims are around US$ 7 billion. The assets available are estimated to range from US$ 73 million to US$ 1.5 billion.
216:
On Friday, January 20, 2012, an email was sent by the Joint
Liquidators to creditors who had been depositors, the "Fraud Victims" urging them to resubmit their claims. They were given some hope of an "interim distribution" but no imminent final sale of some major assets. The information is repeated
189:
In June 2010, it was announced that the liquidators and the US receiver had entered into a co-operation agreement, under which the liquidators were to deal with the realisation of the bank's assets in
Antigua and the United Kingdom, and the US receiver was to deal with the realisation of the bank's
241:
The liquidators established a multinational creditors committee composed of six larger individual large claimants and one attorney representing a number of individuals. This committee does not have legal status in the liquidation, but it is administratively convenient for the liquidator to have a
202:, and continued their legal fight to be reinstated as liquidators of Stanford. In May 2011 following a claim made to the Eastern Caribbean Court of Appeal, Hamilton-Smith and Wastell were removed as liquidators. On 12 May 2011, Marcus Wide and Hugh Dickson of the international accounting firm
112:(CD) investment scheme that offered "improbable and unsubstantiated high interest rates". This led the federal government to freeze the assets of the bank and other Stanford entities. In addition, the bank placed a 60-day moratorium on early redemptions of its CDs.
137:, which rapidly developed a network of branches throughout the country. There was a run on the bank in February 2009 following the SEC's investigation into Stanford's affairs in the US, and this forced the Venezuelan authorities to seize the bank. It was sold to
233:
The liquidators reported that they had met with a number of representatives of various national governments. These governments each have taken their own independent legal actions under their regulatory and/or court systems. The USA is also contemplating a
193:
In June 2010, the High Court of
Antigua resolved that Vantis should be removed from its responsibilities. The firm, which had recently received government approval to sell the property assets, appealed the decision. Vantis itself was placed in
119:", misappropriated billions of investors' money and falsified the Stanford International Bank's records to hide their fraud. "Stanford International Bank's financial statements, including its investment income, are fictional," the SEC said.
185:
expressed concern about whether Vantis would receive payment for its work on
Stanford. Properties in Antigua emerged as an important part of the company's assets, to be sold to enable payment of creditors and Vantis' own fees.
230:
Some of the assets are harder to liquidate, such as property. Therefore, patience will be required to obtain the highest values in the long-term. Another goal of the liquidators is to avoid litigation that could be costly.
115:
On 27 February 2009, Pendergest-Holt was arrested by federal agents in connection with the alleged fraud. On that day the SEC said that
Stanford and his accomplices operated a "massive
320:
657:
198:
on 29 June 2010 and promptly broken up, with the various offices and businesses being sold as going concerns. Hamilton-Smith and
Wastell transferred to the buyout firm
713:
752:
213:
was used to channel funds to
Stanford's personal accounts and failed to follow due diligence procedures or to ask questions about irregular banking activity.
289:
147:'s financial regulator announced on 19 February 2009 that it was investigating the local affiliate of Stanford bank for possible violation of banking laws.
899:
584:
645:
155:
In the United States
District Judge David Godbey froze all of the Stanford personal and corporate assets in the US and appointed Ralph Janvey of
894:
889:
108:
On 17 February 2009, the SEC charged Allen
Stanford, Pendergest-Holt and Davis with fraud in connection with the bank's US$ 8 billion
98:
869:
324:
772:
62:
where it was called
Guardian International Bank. Allen Stanford's move into banking utilised funds he had made in real estate in
431:
238:
against the assets that could deprive the creditors of a sizable sum. US$ 5 million has already been spent by the liquidators.
221:(the URL denoted in the email was erroneous in as much as the "-" was missing between the words "claims" and administration").
674:
138:
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481:
210:
884:
749:
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209:
In September 2011, it was reported that the U.S. Justice Department was investigating whether a Swiss subsidiary of
30:
and failed when its parent was seized by United States authorities in early 2009 as part of the investigation into
383:
588:
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297:
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102:
27:
128:
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879:
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77:. The bank's portfolio was overseen by an investment committee consisting of Allen Stanford; his father;
38:
105:, including the bank. On 13 February Stanford was quoted saying "the bank remains a strong institution".
78:
813:
528:
347:"SEC Charges R. Allen Stanford, Stanford International Bank for Multi-Billion Dollar Investment Scheme"
602:
629:
408:
195:
532:
245:
The liquidators reported that an interim distribution may be made in the first quarter of 2012.
26:, which operated from 1986 to 2009 when it went into receivership. It was an affiliate of the
613:
66:, in the early 1980s. There was no direct connection between Stanford's insurance business in
266:
182:
175:
849:
843:
699:
166:
On 19 February 2009, Nigel Hamilton-Smith and Peter Wastell of the British accounting firm
85:(Allen Stanford's college roommate), CFO of Stanford International Bank; and a resident of
756:
717:
633:
89:(where Stanford's US interests were based) with cattle ranching and car sales experience.
41:(CDs) at rates consistently higher than those available from banks in the United States.
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82:
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55:
31:
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199:
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59:
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23:
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290:"Profile: Behind Allen Stanford's easy charm there is the glint of steel"
235:
37:
Prior to its demise, Stanford International Bank Limited (SIBL) offered
566:
74:
504:"Top Stanford official Laura Pendergest-Holt charged with obstruction"
167:
156:
144:
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67:
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were appointed the new liquidators by the High Court of Antigua.
482:"Stanford International Bank Said to Bar Withdrawals Amid Probe"
711:
Antigua court wants to remove Vantis from Stanford liquidation
646:
Stanford International Bank Limited Placed into Liquidation
636:, Antigua and Barbuda. News Archive. Retrieved 2010-06-09.
626:
163:. Janvey retained control until the SEC suit is resolved.
81:, Stanford Financial Groups' Chief Investment Officer;
750:
Stanford liquidators fight to stay on after Vantis MBO
267:"Billionaire downplays scrutiny of Stanford Financial"
583:
Ana Isabel Martinez; Jason Szep (February 19, 2009).
409:"U.S. agents enter Stanford Financial Houston office"
353:. US Securities Exchange Commission. 17 February 2009
740:, 8 Jul 2010. Includes "Timeline of Trouble" 2009-10
648:, BusinessWire, 16 April 2009. Retrieved 2010-06-09.
219:
http://www.sibliquidation.com/claims-administration/
260:
258:
376:"Stanford Financial charged with 'massive' fraud"
603:Stanford criticizes receiver fees as âunbridledâ
529:New SEC Complaint Says Stanford Ran Ponzi Scheme
265:Kristen Hays and Mary Flood (13 February 2009).
818:Stanford International Bank Liquidation website
572:Venezuela seizes Stanford bank after online run
555:As Others Fled Venezuela, Stanford Saw a Chance
585:"Stanford probe widens, Venezuela seizes bank"
457:"SEC Charges Stanford Financial in $ 8B Fraud"
93:Regulatory investigation in the United States
8:
101:(SEC) investigated the US operations of the
658:Vantis counts cost of Stanford fraud affair
617:. June 5, 2009. Retrieved on June 22, 2009.
455:Goldfarb, Zachary A. (17 February 2009).
432:"Billionaire Stanford Charged With Fraud"
808:
806:
804:
802:
734:Vantis sale process months in the making
675:"Antiguan assets give Vantis a lifeline"
627:Financial Services Regulatory Commission
480:Fitzgerald, Alison (February 17, 2009).
402:
400:
133:In 2007 the bank formed a subsidiary in
795:Wall Street Journal, September 16, 2011
430:Greenberg, Duncan (February 17, 2009).
370:
368:
254:
724:, 11 June 2010. Retrieved 2010-06-11.
73:Stanford relocated its operations to
7:
123:Subsidiaries in Venezuela and Mexico
664:, 2 Feb 2010. Retrieved 2010-06-14.
181:In February 2010, Vantis' auditors
502:Jagger, Suzy (February 27, 2009).
323:. Businessweek.com. Archived from
99:Securities and Exchange Commission
14:
900:1986 establishments in Montserrat
288:Patrick Kidd (18 February 2009).
844:Stanford International Bank Ltd.
407:Anna Driver (17 February 2009).
386:from the original on 2009-02-19
321:"Stanford's Failed Health Club"
1:
190:assets in the US and Canada.
895:Banks disestablished in 2009
151:Receivership and liquidation
773:Statement from FRP Advisory
174:of the bank, and were made
20:Stanford International Bank
916:
814:"Online Creditors Meeting"
126:
70:and the banking business.
890:Banks established in 1986
587:. Reuters. Archived from
225:Online creditorsâ meeting
139:Banco Nacional de Crédito
97:In February 2009, the US
870:Stanford Financial Group
700:News release 2 June 2010
103:Stanford Financial Group
54:The bank was started by
28:Stanford Financial Group
22:was a bank based in the
784:SIB Liquidators website
129:Stanford Bank Venezuela
110:certificate of deposit
39:certificate of deposit
850:USA Receivers website
217:and the forms are at
170:were appointed joint
79:Laura Pendergest-Holt
855:Liquidators' website
570:, 18 February 2009,
553:, 18 February 2009,
327:on February 17, 2009
591:on January 4, 2013.
535:, February 27, 2009
533:Wall Street Journal
319:Matthew Goldstein.
300:on 10 November 2010
294:The Times of London
269:. Houston Chronicle
242:body to work with.
885:Corporate scandals
755:2010-07-05 at the
716:2010-08-20 at the
632:2010-07-25 at the
461:washingtonpost.com
178:on 15 April 2009.
820:. 11 October 2011
614:Houston Chronicle
183:Ernst & Young
907:
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830:Audio recording.
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196:administration
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83:James M. Davis
64:Houston, Texas
56:Allen Stanford
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32:Allen Stanford
16:Caribbean bank
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824:November 24,
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589:the original
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545:Simon Romero
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464:. Retrieved
460:
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439:. Retrieved
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413:. Retrieved
388:. Retrieved
355:. Retrieved
351:News release
350:
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329:. Retrieved
325:the original
314:
302:. Retrieved
298:the original
293:
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271:. Retrieved
244:
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200:FRP Advisory
192:
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117:Ponzi scheme
114:
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87:Mexia, Texas
72:
53:
36:
19:
18:
685:24 November
415:24 November
357:24 November
331:24 November
304:24 November
273:24 November
176:liquidators
58:in 1986 in
864:Categories
488:2009-02-17
466:2009-02-17
441:2009-02-17
436:forbes.com
390:2009-02-17
249:References
60:Montserrat
846:(Archive)
662:The Times
508:The Times
411:. Reuters
172:receivers
135:Venezuela
24:Caribbean
753:Archived
714:Archived
630:Archived
510:. London
384:Archived
236:tax lien
161:receiver
50:Founding
567:Reuters
514:May 24,
75:Antigua
45:History
168:Vantis
157:Dallas
145:Mexico
380:MSNBC
68:Texas
826:2011
687:2011
516:2010
417:2011
359:2011
333:2011
306:2011
275:2011
611:at
605:."
159:as
866::
816:.
801:^
759:,
736:,
720:,
677:.
660:,
547:,
531:,
506:.
459:.
434:.
399:^
382:.
378:.
367:^
349:.
292:.
257:^
34:.
828:.
689:.
601:"
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491:.
469:.
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419:.
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335:.
308:.
277:.
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