SEC Sells Stanford Panama
Assets
The U.S. Securities and Exchange Commission
has secured more than us$14.2 million for
investors in Stanford Financial Group via a
sale of the company’s Panama assets,
Bloomberg reports.
The regulator last year sued Allen Stanford,
two associates and three of his businesses,
for alleged fraud involving the sale of
certificates of deposit through the
Antigua-based Stanford International Bank.
A federal judge in Dallas had issued an
asset-freezing order and appointed a
receiver to run the Texas financier’s
businesses. Allen Stanford, in a court
filing, has opposed the sale of the assets,
saying they were being sold for less than
they were worth.
Click here for the story from
Bloomberg.
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