Committee named in Stanford receivership

TEXAS, United States, Tuesday August 31, 2010 – Seven members have been appointed to serve on an official investors committee to represent the interests of investors in the ongoing receivership proceeding to liquidate the assets of the Stanford Financial Group following the alleged US$8 billion fraud conducted by Allen Stanford.

An agreement to establish the committee was proposed in March by attorney Peter Morgenstern, who represents Stanford investors from around the world, and approved by United States District Judge David Godbey on August 10th. 

Receiver Ralph Janvey, court-appointed examiner John Little, and Morgenstern announced yesterday that joining the latter two on the committee will be Ed Snyder, attorney for Stanford investors in Mexico; Ed Valdespino, attorney for Stanford investors in Latin America; Dr John Wade, a customer of Stanford Trust Company in Baton Rouge, Louisiana, which held custody of thousands of IRAs and trust accounts that were directed to the alleged fictitious Stanford International Bank CDs; Angela Shaw, a Stanford International Bank CD investor and director and founder of the Stanford Victims Coalition, a nonprofit advocacy group representing Stanford International Bank CD investors; and Jaime Pinto Tabini, attorney for Stanford investors in Peru. 

“These committee members truly represent the vast diversity of the Stanford victims’ community and will work together to fairly and objectively represent the interests of all investors, regardless of citizenship or place of residency – a significant concern among the thousands of international investors and one the committee is very mindful of,” said Angela Shaw, director and founder of the Stanford Victims Coalition.  

Morgenstern said all possible avenues of recovery will be considered and pursued by the committee.

“While certain efforts may benefit some victims more than others depending on the applicable laws and other details related to their investment, there will be no preferential treatment for any investor,” said the attorney who represents over 1,000 Stanford investors from the US, Latin America, Europe and the Caribbean.  

“In addition to providing a direct voice in guiding the proceedings to recover their investments, the goal of the committee is very specific: to maximize the rate of recovery for the thousands of innocent investors from around the world who lost their life savings in one of the most scandalous financial fraud schemes in history,” he added.