Stanford receiver seeks court approval for interim payment to investors

DALLAS, Texas, CMC – The receiver for jailed Texas financier Allen Stanford’s assets has sought approval from a US federal judge for interim payment to swindled investors. In a filing in a federal district court, Ralph Janvey, the court-appointed receiver, asked Judge David Godbey for his permission to pay more than 17,000 investors an initial distribution of US$55 million. If approved, Janvey said investors swindled by Stanford may receive an interim distribution payment worth a penny on the dollar of their losses. The sum represents about 1 percent of the US$5.1 billion investors lost on bogus certificates of deposit at Antigua-based Stanford International Bank Ltd. (SIB), according to Janvey’s filing.