Regulators Hustle to Find and Seize Billionaire Banker Stanford’s Caribbean Assets
Officials hot on the trail of Allen Stanford, the Texas billionaire and banker accused of orchestrating an elaborate $8 billion investment scam, are working to track down and seize millions of dollars worth of assets belonging to the disgraced financial advisor.
So far, however, they have come up mostly empty, officials said.
In Search of Millions in Assets
Stanford, 58, who ran Stanford International Bank and other ventures now targeted by U.S. securities regulators, lived at various properties on and around the Caribbean islands of Antigua and St. Croix. On St. Croix alone, he is known to own a 120-foot yacht, a St. Croix mansion worth an estimated $7.7 million, another hilltop estate worth about $9 million and millions of dollars more in commercial and residential properties scattered around the islands.
One of Stanford’s properties there is a sprawling 18th century estate was once owned by the Danish pianist and comedian Victor Borge.
However, St. Croix officials said so far, no properties or other assets have been seized.
Jets, Beachfront Houses Among the Assets
Stanford’s corporate jets which have been on the islands in the past are believed to be back in the United States at an airport near his home in Sugar Land, Texas, officials said.
Investigators are still trying to compile a complete list of Stanford’s Caribbean assets, which can be seized as part of the continuing investigation into alleged securities fraud. Stanford’s Antigua-based bank is accused of defrauding thousands of investors by selling certificates of deposit promising sky-high interest rate returns. However, the certificates were sold with lies and based on fabricated statistics, according to investigators.
Stanford’s whereabouts were unknown for days after the Securities and Exchange Commission announced the charges, but he was later tracked down in Virginia and served with papers associated with the investigation. It was also reported that he turned over his passport to authorities.
Assets Sold to Repair Defrauded Investors?
Since a court order was issued in conjunction with the civil investigation into his alleged mishandling of his financial affairs, Stanford’s assets may be seized by authorities and eventually sold off to repay defrauded investors who lost money in Stanford investments. Investors may also qualify for compensation from a fund established by Congress and funded by the investment banking industry to repay defrauded investors when funds crash.
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