BusinessBusiness RecoveryStanford accountants attack Lloyd’s fraud accusations

Stanford accountants attack Lloyd's fraud accusations

Former Stanford accountants fight insurers Lloyd's in the courts for compensation

Accountants who worked for Allen Stanford are distancing themselves from any
alleged wrongdoing at the business, as they seek compensation from insurer
Lloyd’s of London to pay for their legal fees.

The accountants are suing Lloyd’s of
London
for failing to pay out insurance on their legal fees during
the investigation that has led to the upcoming court case against Allen
Stanford.

Lloyds refused to pay out as it alleged false accounting, the non-disclosure
of a $2bn (£1.3bn) unsecured loan to Stanford and misrepresentation to investors
– all grounds under which the insurer can claim to halt a payout, reported
Reuters.

Stanford accountants Mark Kuhrt and Gilbert Lopez, plus chief investment
officer Laura Holt, have sued Lloyd’s of London. Lloyd’s must prove to Houston
district judge Nancy Atlas that they committed the offences it alleges.

Lawyers for Stanford, during the court proceedings, said he was not at the
centre of anything illegal or wrong.

Further reading:

Stanford
liquidators fight to stay on after Vantis MBO

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor