Stanford Watch

Former Stanford exec blogs about integrity

Thu, 12 Nov 2009 05:54:43 -0600

Al Lewis with Dow Jones stumbled upon a blog started in April by Danny Bogar, former president of Stanford Financial Group's North American brokerage operations: "His boss, R. Allen Stanford, is in prison awaiting trial. His brother-in-law, Jim Davis, Stanford's...

Receiver: up to $1.5 billion in assets may be recovered

Wed, 28 Oct 2009 18:33:18 -0600

Ralph Janvey said in a filing today he believes up to $1.5 billion in assets may be recovered for investors, but the biggest chunk of that will be $894 million currently being "clawed back" from investors. The full filing is...

Stanford team adds Mac Secrest, lawyer for Ken Lay

Mon, 19 Oct 2009 11:07:35 -0600

Admired Houston criminal trial and appellate lawyer George "Mac" Secrest just joined R. Allen Stanford's criminal defense legal team. Secrest, who was one of the late Enron chief Ken Lay's trial lawyers, will work with Houston lawyer Kent Schaffer to...

Stanford's wife sues ex-divorce lawyer for $200 million

Thu, 24 Sep 2009 17:46:49 -0600

Susan Stanford, the long-estranged wife of fallen billionaire R. Allen Stanford, today sued her former divorce lawyer Nancy Rommelmann for $200 million. In the Harris County lawsuit, Susan Stanford alleges her ex-lawyer never told her client about a "verbal'' offer...

Stanford has leg surgery

Wed, 02 Sep 2009 12:37:22 -0600

R. Allen Stanford had surgery at about 7:30 a.m. Wednesday to remove an aneurysm in his leg. According to criminal defense attorney Dick DeGuerin the procedure was done at the Conroe Regional Medical Center and Stanford was returned to the...

Stanford back in jail with leg problem

Tue, 01 Sep 2009 14:15:53 -0600

R. Allen Stanford was back in the jail infirmary in Conroe today after heart tests. Dick DeGuerin, his criminal defense attorney, said Stanford was discharged from Conroe Regional Medical Center where he had a cardiac catheterization test Monday. DeGuerin said...

Stanford undergoes heart procedure

Mon, 31 Aug 2009 16:25:59 -0600

R. Allen Stanford, in federal custody pending trial on fraud charges, had a heart catheterization this morning at Conroe Regional Medical Center. Dick DeGuerin, his criminal defense attorney, said he spoke with Stanford briefly but their conversation was interrupted. He...

"... it does not appear there will be any Estate left..."

Fri, 28 Aug 2009 15:49:44 -0600

The court-appointed examiner in the Stanford case says the court-appointed receiver is racking up so many fees and finding so little in recoverable assets that soon there will be nothing left. Receiver Ralph Janvey and the hundreds of attorneys, accountants...

Signs point to more charges

Thu, 27 Aug 2009 16:43:48 -0600

James Davis' plea agreement seems to indicate a number of other people may be in federal prosecutors' crosshairs. These include: • A number of lower level accounting employees in Stanford Financial who allegedly created false revenue data under the direction...

A "blood oath" to keep the Stanford secrets

Thu, 27 Aug 2009 12:10:19 -0600

The plea agreement that was formally entered before the court for former CFO James Davis today says the fraudulent activity at the firm started as early as 1988, when Davis went to work at Controller of Allen Stanford's first bank,...

Former Stanford employee talks about sales pressure

Tue, 18 Aug 2009 06:56:26 -0600

Here's coverage of yesterday's hearing in Baton Rouge, La. A former adviser in the company discussed her firing two years after resisting pressure to sell certificates of deposit. The report from the Advocate newspaper in Baton Route says the employee,...

Vitter to lead hearing on Stanford today in Louisiana

Mon, 17 Aug 2009 09:10:43 -0600

Louisiana is the stage for the latest in the Stanford Financial case. The Times-Picayune reports on today's Senate forum: U.S. Sen. David Vitter, R-La., will host a forum in Baton Rouge to discuss the fraud case against Texas billionaire R....

"Runaway receiver" isn't making anyone happy

Fri, 14 Aug 2009 12:59:45 -0600

"Shocking and outrageous." "Exceeding his authority." "... everyone in the courtroom is angry with you." These happy thoughts are all aimed at the court-appointed receiver in the Stanford Financial case, Ralph Janvey, and his team, according to this AP report:...

Senate committee meeting on Stanford scheduled for Baton Rouge

Thu, 13 Aug 2009 16:42:57 -0600

U.S. Sen. David Vitter says he'll hold a U.S. Senate Banking Committee field hearing regarding the Stanford case on Monday, August 17th in Baton Rouge, La.. Investors and former financial advisers are scheduled to speak, as are Rose Ramero, head...

Golden receivers

Sun, 09 Aug 2009 10:08:47 -0600

Stanford investors aren't the only ones mad about fees for court-appointed receivers, reports the NY Post: There's a bull market on Wall Street. Not for investors, but for a handful of elite lawyers and financial pros acting as court-appointed receivers...