Tag Archives: SIB

Ex-Stanford executive gets 5 years in $7B swindle

By JUAN A. LOZANO The star prosecution witness in the trial of convicted Texas financier R. Allen Stanford was sentenced Tuesday to five years in prison for helping to bilk investors out of more than $7 billion in one of the biggest Ponzi schemes in U.S. history. James M. Davis had faced up to 30 […]

Order re. Chapter 15 / COMI

By U.S. District Judge David C. Godbey The Court grants the Joint Liquidators’ motion for substitution as Plaintiff nunc pro tunc to June 8, 2010 and grants in part and denies in part their request that the Court take judicial notice. The Court overrules the parties’ objections to each others’ evidence. Finally, because the Stanford […]

Motion To Intervene and To Suspend the Memorandum Opinion and Order of July, 3, 2012

By Richard R. Cheatham Pursuant to Fed. R. Civ. P. 24 Richard R. Cheatham moves to intervene in this action in order to protect his interest in the subject of the action and pursuant to Fed. R. Civ. P. 59 to suspend the Court’s Memorandum Opinion and Order of July, 3, 2012 pending reconsideration in […]

Opposition to the USA’s motion to dismiss the complaint

By Dr. Gaytri D. Kachroo Plaintiffs hereby oppose the United States of America’s Motion to Dismiss the Complaint (the “Motion”). This Court has subject matter jurisdiction over this action because the government fails to demonstrate that the discretionary function exception shields from liability the Securities and Exchange Commission’s (“SEC”) negligent failure to follow statutorily prescribed […]

Stanford Judge Lets Receiver Raise Fee, Retains 20% Discount

By Andrew Harris and Edvard Pettersson The court-appointed receiver for R. Allen Stanford can bill his time starting this year at 2012 rates with a 20 per cent discount in spite of objections by Stanford investors who haven’t received any money so far. U.S. District Judge David C. Godbey in Dallas, in an order yesterday, […]

Jury convicts R. Allen Stanford in investor fraud

By Loren Steffy A federal court jury on Tuesday convicted Texan R. Allen Stanford of all but one count of an indictment alleging he ran a $7 billion fraud through an offshore bank. Stanford, a Mexia native, was convicted of 13 counts of conspiracy, fraud, obstruction and money laundering. The counts of which he was found […]

Stanford’s donations still stain lawmakers’ hands

By Loren Steffy In the battle over insurance coverage for investors who lost money in the collapse of Stanford Financial’s U.S. brokerage, it’s difficult to know who’s on investors’ side. Recently, 27 lawmakers sent a letter to the Securities Investor Protection Corp., which is funded by the brokerage industry and overseen by the government, demanding […]