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Senior Correspondent, CNBC
The court-appointed receiver who is trying to unwind the alleged Allen Stanford Ponzi scheme says he has identified $1.5 billion in assets that could be returned to victims.
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AP Allen Stanford |
The receiver, Dallas attorney Ralph Janvey, says that could mean recovery of 20 cents on the dollar for investors in the alleged $8 billion fraud. But Janvey says the recovery is being hampered by, among others, the Antiguan government, Allen Stanford himself, and even other Stanford investors.
In a court filing Wednesday, Janvey says the lion's share of the money - $894 million - is money he is trying to "claw back" from investors who managed to get their funds out before the alleged scheme collapsed. Those proposed clawbacks are the subject of contentious litigation.
Janvey notes that the Antiguan government - as well as a court-appointed liquidator in Antigua - are opposing his recovery efforts every step of the way, and hampering the process. So is Allen Stanford, who is being held without bail on criminal fraud charges in the case.
Stanford's civil attorneys have tried to block every effort by Janvey to liquidate assets. Stanford has denied wrongdoing and claimed Janvey and the Securities and Exchange Commission are "decimating" a legitimate business.
The filing by Janvey also alleges that Stanford spent "significant" sums of money on luxury items that now are worth only a fraction of their original cost. They include a yacht that Stanford bought for $3.9 million and paid another $16 million to "upgrade." Janvey says it is likely to bring roughly one third of that at auction.
In addition to the investor clawbacks, Janvey says the $1.5 billion consists of the following:
- $71.5 million in cash
- $50.9 million in "hard assets"
- $335 million in foreign accounts
- $154.9 to be recovered in third party litigation
- $30 million in "political risk insurance coverage"
But the filing makes clear that recovering all of those assets is a best case scenario. Stanford investors who met with Janvey last week tell CNBC that Janvey told them the recovery would take years, and may only yield "cents on the dollar."
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