Stanford receiver appeals order blocking
Published:Thursday | September 17, 2009 | 6:33 PM
The receiver for Allen Stanford’s businesses has reportedly asked a US appeals court for permission to sue investors for gains they realized before the suspected 7 billion Ponzi scheme collapsed.
Receiver Ralph Janvey was blocked by a July 31 court order from pursuing so-called clawbacks against about 600 investors.
He was seeking almost $1 billion in principal and interest they got from certificates of deposit at the Antigua-based Stanford International Bank Ltd.
Janvey claims he’s trying to prevent investors who got some money back from benefiting at the expense of investors who lost everything to the alleged fraud.
He has said the clawback proceeds could represent the single largest source of assets he recovers on behalf of Stanford’s investors and creditors.
The US Securities and Exchange Commission accused Stanford, some associates and three of his companies of fraud in February.