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Stanford Coin & Bullion
jpkinla
Posts: 822 ✭✭✭
I imagine some got caught pretty bad and are either owed money or coins. I fortunately missed getting caught by a few weeks. I would also imagine a few dealers have coins or funds tied up.
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<< <i>On February 16, 2009, U.S. District Judge Reed O'Connor of the United States District Court for the Northern District of Texas signed an order (the "Order") appointing a Receiver to take possession of all the assets ("Assets") of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, R. Allen Stanford, James M. Davis and Laura Pendergest-Holt ("Defendants") and Stanford Financial Group and The Stanford Financial Group Bldg Inc. ("Relief Defendants" and, together with Defendants, the "Stanford Defendants"). (Click here to view the Order). Pursuant to the Order, the Receiver will take control of and operate the Assets, and will perform all acts necessary to conserve, hold, manage and preserve the value of the Assets.
Contemporaneously with the Order, Judge O'Connor issued a Temporary Restraining Order, Order Freezing Assets and Order Requiring Preservation of Documents ("TRO") that, among other things, freezes the Assets and prohibits the destruction of records of the Stanford Defendants. (Click here to view the TRO). In addition, the TRO restrains and enjoins any entities that hold one or more accounts in the name of or on behalf of the Stanford Defendants from engaging in any transaction in securities or any disbursement of funds or securities pending further instructions of the Receiver. >>
World Collection
British Collection
German States Collection
Edited to remove misinformation.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
My understanding is the Stanford Financial (or some Stanford company) owns Stanford C&B. STANFORD INTERNATIONAL BANK LTD owns 30% of Dallas Gold & Silver, the publicly traded company that owns Superior. Dillon Gage is not related to any of this.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Are the "brokers" allowed to contact their customers ?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Will Dillon Gage be put into receivership too? Geez, I'm glad I didn't get around to sending them money. whew.
It's Dallas Gold and Silver that has a relationship with Standford.
$20 Saint Gaudens Registry Set
Stanford Clients to Get Back Gold Coins, Bullion, Judge Rules
January 06, 2010, 08:08 AM EST
By Laurel Brubaker Calkins and Andrew M. Harris
Jan. 6 (Bloomberg) -- R. Allen Stanford’s gold customers will regain possession of $21.2 million in coins and bullion seized 11 months ago from the company’s Houston headquarters when federal regulators raided the offices on suspicions the financier was running a $7 billion Ponzi scheme.
Investors had urged U.S. District Judge David Godbey, who is overseeing the U.S. Securities and Exchange Commission’s fraud lawsuit against Stanford in Dallas, to release their gold as prices for the metal reached an all-time high during 2009.
“Coins and bullion that have been individually marked and stored for 147 Stanford Coin and Bullion customers” will be returned to their owners, Godbey said in yesterday’s order. Gold that had been paid for in full and not delivered to another 70 customers will also be released, Godbey ruled.
Stanford, several of his top executives and three of his companies were sued by the SEC in February for allegedly paying early investors by taking money from later investors in more than $7 billion of certificates of deposit sold by Antigua-based Stanford International Bank Ltd. Regulators won a court order freezing Stanford’s corporate and personal assets until the case is resolved.
Stanford, who denies all wrongdoing, is in jail awaiting trial on 21 criminal counts that mirror the civil allegations.
Stanford’s Vault
Ralph Janvey, the court-appointed receiver marshalling Stanford’s assets to repay investors, didn’t oppose the return of coins and bullion that were stored in individually labeled boxes in Stanford’s vault. Those customers argued that Stanford held their gold as a courtesy and that the company had no ownership interest in their gold.
Godbey deferred ruling on whether the receiver should return about $500,000 in cash collected from gold customers whose orders weren’t filled. The judge ruled that Janvey needn’t hand over about $1 million in coins and bullion to customers who hadn’t finished paying for their purchases when regulators seized Stanford’s operations.
Janvey got permission to liquidate about $1.8 million in coins and bullion in the division’s unsold inventory. Gold for immediate delivery was trading at $1,122.85 an ounce yesterday.
Separately, Stanford’s criminal-defense lawyers yesterday asked the U.S. Court of Appeals in New Orleans to overturn last month’s lower-court ruling denying his request to be released on bail. Stanford is on the verge of “a complete nervous breakdown” because of his incarceration, his lawyers said.
The SEC case is Securities and Exchange Commission v. Stanford International Bank, 09cv298, U.S. District Court, Northern District of Texas (Dallas). The criminal case is U.S. v. Stanford, 09cr342, U.S. District Court, Southern District of Texas (Houston).
Link
The whole Stanford affair stunk. The promises, lavish expenses used to court prospects, and the over the top cash outlays made to align themselves with other top flight brokers were preposterous. To say investors took a leap of faith in dealing with this organization would not only be an understatement, but showed a lack of due diligence on their part. When I was introduced to this group it was down right scary. No way did the money they were tossing around ever add up to the potential profit (from a reputable business model) they were courting.
Once the poop hit the fan publicly I was free to speak my mind, without worry of defamation or even worse-being banned from the PCGS message board.
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