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Stanford Financial

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dringel
(@dringel)
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ST. JOHN'S, Antigua — Antigua's Senate voted Friday to seize R. Allen Stanford's property, setting up a possible showdown with a court-appointed receiver who is securing the billionaire's assets for investors in his allegedly fraudulent offshore bank scheme.

The measure passed easily, with 12 senators in favor and three abstentions, a day after the lower house of Parliament also voted to confiscate about 250 acres, including businesses that formed the basis of Stanford's empire on the twin-island nation of Antigua and Barbuda.

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Posted : February 27, 2009 10:36 pm
divestx
(@divestx)
Advanced Member

There will be alot more than him. Unfortunately STX was involved. It will take years to release his holdings--that's the last thing STX needed.

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Posted : February 27, 2009 11:47 pm
Linda J
(@Linda_J)
Expert

Stanford wasn't really up and running on STX. Except for the construction folks and the small office staff, seizing his property here won't matter much in the short run. And long term, someone else will buy it. But a lot of people were expecting big things for the island from him and that's what hurts the most, the failed expectations.

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Posted : February 28, 2009 10:37 am
marlene
(@marlene)
Advanced Member

When it is still alledged and the government confiscates his land, who is worse?

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Posted : February 28, 2009 5:17 pm
Lizard
(@Lizard)
Trusted Member

Under the Police Powers that the Govt has to protect it's citizens against fraud. The IRS does this every day! Stanford properties have not been confiscated but seized. If there was no wrong doing the Govt removes the liens. The Govt and it's agencies are there to protect and serve it's citizens or that is the intent.

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Posted : February 28, 2009 7:31 pm
Linda J
(@Linda_J)
Expert

Actually, all assets have been FROZEN until things can be sorted out.

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Posted : February 28, 2009 9:27 pm
Lizard
(@Lizard)
Trusted Member

It is my understanding from what I have read , the US Govt via US Marshall Service has seized Stanford Financial Assets in the US mainland and it's territories. There is a difference between freezing assets and seizing assets, it's technical, but it 's actually different.

When Assets are frozen, it means that the account being frozen is suspended in time. No money can go into the account, no money can go out of the account and perhaps most importantly, they cannot transfer that account to any other trustee. the account remains with the Bank.

Now when assets are seized, it's a different story. The account would move from wherever it was originally to the entity that is actually seizing it.

So it's two very different things. In one instance, the account is just frozen. No financial transactions can take place, Where in the other instance, when the account is actually seized, that account is moved and is possessed by the will of the entity that is actually seizing it. In this case the US Govt.

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Posted : February 28, 2009 10:56 pm
marlene
(@marlene)
Advanced Member

So why now, in St. Croix, (Green Cay, St. Croix Marine, and Christiansted offices) are all assets being watched by police units 24/7? If he is not guilty, who is going to foot this bill? If he is guilty, his estate will be broke for the protection these units are using. 5 people per day at each location. Thats 15 people 8 hours shifts per day to babysit those assets.

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Posted : March 1, 2009 1:10 am
Lizard
(@Lizard)
Trusted Member

Who Foots the bill for any crime ultimately?

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Posted : March 1, 2009 3:48 am
Linda J
(@Linda_J)
Expert

According to the newspaper on STX, the assets here have been frozen. I also know here that several leins have by filed by vendors who are owed money for work already done.

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Posted : March 1, 2009 9:16 am
SistaIrijah
(@SistaIrijah)
Advanced Member

Who Foots the bill for any crime ultimately?

ultimately
InI
the TAXPAYERS
nah true?
lol

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Posted : March 1, 2009 9:57 am
marlene
(@marlene)
Advanced Member

That is true Sista. Taxpayer are paying these salaries until he is found guilty.....2 years from now, if at all.

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Posted : March 1, 2009 12:46 pm
Lizard
(@Lizard)
Trusted Member

Who Foots the bill for any crime ultimately?

My question was rhetorical!

However the funds spent on the Islands will be "Federal Funds"! We don't "pay Federal income tax". Just a minor point.

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Posted : March 1, 2009 1:47 pm
terry
(@terry)
Expert

lucky he didn't get too big of a foot hold in STX. I have heard that on Antigua his companies touch about 70% of the island income.

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Posted : March 29, 2009 3:13 am
speee1dy
(@speee1dy)
Expert

terry heard that too. have not heard whats going on with him in so long. anyone know

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Posted : March 29, 2009 12:22 pm
stephaniev
(@stephaniev)
Advanced Member

I too am wondering what the latest news is...I stay tuned!

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Posted : March 30, 2009 3:40 pm
DixieChick
(@DixieChick)
Trusted Member

Saw on CNN yesterday ( think it was CNN) they were making bernie madoff golfballs along with Allen Stanford balls. You can hit them and take out your frustration. Think they would be a big hit here. GET it???? HIT!!!

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Posted : March 31, 2009 7:04 pm
DanielB_STX
(@DanielB_STX)
Advanced Member

Stanford Update..............

http://www.nytimes.com/2009/04/21/business/21stanford.html?ref=todayspaper

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Posted : April 21, 2009 3:44 pm
stcmike
(@stcmike)
Advanced Member

Where is Mr. Stanford's St. Croix home?

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Posted : April 24, 2009 12:05 am
Bombi
(@Bombi)
Trusted Member

He was restoring the Kaiser estate. he was living in the old Innovative building (beautiful) in Christiansted. His offices were there and downtown across from the library.

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Posted : April 24, 2009 12:11 pm
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