Stanford receivers on the hunt for assets of 28,000 clients

Receivers appointed by Vantis are looking to reclaim the assets of 28,000
clients that invested in Stanford International Bank and Stanford Trust Company,
two companies at the centre of an $8bn (£5.5bn) fraud investigation by the SEC.

Vantis partners Nigel Hamilton-Smith and Peter Wastell said they had put a
figure on the amount of cash invested by clients, but did not know how much SIB
and STC held in assets to pay back investors.

Hamilton-Smith and Wastell were appointed by the Financial Services
Regulatory Commission of Antigua and Barbuda as joint receivers of the two
companies last week in the wake of an

‘Following our appointment , we have thus far been able to identify the
amounts invested by clients and have put arrangements in place for the
Receiver-Manager’s team and staff at [SIB and STC] to deal with client
enquiries,’ they said.

The pair have started the process of communicating with the financial
institutions they have identified as holding assets on behalf of SIB and STC.

They are also seeking co-operation arrangements with the US Receiver to help
with more asset identification work, but the amount Stanford had in the bank to
pay investors back was unknown.

‘At this time we are unable to ascertain the total value of assets held or
report on the timescale for the return of monies to investors. Our priority is
to safeguard the interests of investors, identify and preserve assets and
together with the international regulators and authorities and the US Receiver;
we are working to complete these investigations as quickly as possible to avoid
further inconvenience to SIB and STC’s customers.’

‘We have set up an email
for all investor enquiries and have ensured that up to date statements can be
issued to all clients, totaling some 28,000, by month end,’ the receivers added.

Related reading