Friday, 9 October 2015
Last updated 3 hours ago
Aug 5 2011 | 10:38am ET
The liquidator of accused Ponzi schemer R. Allen Stanford's bank has won the release of US$20 million in assets frozen in the U.K.
Grant Thornton will have access to US$5 million of the money immediately. The firm will use the proceeds to continue its efforts to recover other assets for the victims of Stanford's US$7 billion fraud, particularly via lawsuits against Stanford's banks, advisers and investors.
There is another US$80 million or so of Stanford International Bank's assets in the U.K., primarily in hedge funds.
Stanford is set to go on trial early next year. He has denied the charges against him.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…