Attorney at odds with SEC in Stanford case
August 19, 2009
The attorney supposed to clean up what the government says was Texas businessman R. Allen Stanford's multibillion-dollar alleged pyramid scheme is managing to anger just about every party involved in the case.
The United States (US) Securities and Exchange Commission (SEC) and other stakeholders in the complicated and far-flung case say Dallas attorney Ralph Janvey, appointed by the court to track down billions of missing dollars, has instead become a rogue receiver who refuses to cooperate with the SEC.
"You know everyone in the courtroom is angry with you," US Judge David C. Godbey said at a recent court hearing.
Stanford's attorneys say Janvey is "exceeding his authority".
And John Little, the court-appointed examiner who represents the interests of jilted investors, said they feel Janvey's actions have been shocking and outrageous.
Business empire
The latest flash point has been Janvey's demands for more than US$27 million in fees for himself and the team of lawyers and consultants he hired to take over Stanford's business empire and track down the missing billions.
The giant paycheque would come from the same pot of money he is amassing that is supposed to be divided among Stanford's allegedly defrauded investors.
The SEC has accused Stanford and some of his top company officials of running a US$7-billion scheme by promising inflated returns to more than 20,000 investors on certificates of deposit at his bank in Antigua....
Author: Gleaner Reporter
Source: Jamaica Gleaner
