Court sets process for Stanford victims' claims

By Patsy R. Brumfield/NEMS Daily Journal

DALLAS, Texas – Victims of Stanford financial empire’s 2009 collapse have until 11:59 p.m. Central time Sept. 1 to file loss complaints with a federal receivership.
But in submitting a Proof of Claim Form, they must consent to claims decisions made by the U.S. District Court, which put Stanford International Bank Ltd. and other Stanford companies into receivership in early 2009.
Some 30,000 investors worldwide are believed to have lost at least $7.2 billion when Stanford collapsed under the weight of an investigation by the U.S. Securities and Exchange Commission.
Hundreds of them live in Mississippi and conducted business with offices in Tupelo, Jackson and Memphis.
Every claimant must submit the proof form or will be forever barred from the receiver’s distribution plan, the court documents state.
This action apparently is separate from other legal action against Stanford or former company employees.
To date, few, if any, investors have seen any return of their investments, although the court-appointed receiver is steadily liquidating Stanford company and personal assets for a victims fund.
Many investors worry the receiver’s fees will be so high that little will be left for them in the end.
Dallas-based Judge David C. Godbey signed the claims order May 4 to establish a procedure by which investors can make their claims known for possible repayment.
The defendants in the federal legal action are SIBL, Stanford Group Co., Stanford Management LLC, Robert Allen Stanford, James M. Davis, Laura Pendergest-Holt, Stanford Financial Group Co. and The Stanford Financial Group Building Inc.
Claims may include, but aren’t limited to, investments unrecovered, provision of goods and services that haven’t been paid, real estate owned or leased for which pay is past due, money loaned but not repaid, unpaid wages or other employment benefits and tax liabilities.
Details about filing claims can be found on the Stanford Receivership website at http://www.stanfordfinancial Claims.

For more information
GO TO http://www.stanfordfinancial Claims


MAIL Receiver’s Claims Agent, Stanford Financial Claims, PO Box 990, Corte Madera, CA

CALL (866) 964-6301 or (317) 324-0757

Click video to hear audio