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.
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.
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.
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.
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.