Receivers are keen to trace Stanford's auditor
Vantis receivers are trying to track down auditor of Stanford International Bank, CAS Hewlett
Receivers from Vantis are looking to grill CAS Hewlett, the auditor caught up
in the $8bn (£5m) Stanford fraud scandal which has rocked the worlds of sport
and finance.
Talks with the firm will anchor Nigel Hamilton-Smith and Peter Wastell’s
efforts to locate and ring-fence the assets of Stanford International Bank
Limited and Stanford Trust
Company, the companies which handled the investments of 28,000 clients.
Hamilton-Smith, partner at Vantis and joint receiver, said: ‘We are seeking
to meet with the auditors for Stanford International Bank in due course.’
SIB and STC were placed into receivership at the end of last month after the
Securities and Exchange Commission announced it had started a probe into the
investment vehicles of flamboyant billionaire Allen Stanford.
Accountancy Age has learned the receivers have targeted more than 35
financial institutions after launching a worldwide hunt last week and expect to
uncover more.
‘We are seeking to identify all assets wherever located and have been able to
contact more than 35 international financial institutions thus far and our
investigations continue,’ said Hamilton-Smith.
However, the sum of money likely to be recovered by the 28,000 clients is
still unknown at this stage.
‘We are unable to confirm at this stage of the receivership the value to be
recouped by investors, though clearly we wish to advise investors as soon as is
practical,’ Hamilton-Smith added.