(Sir) R Allen Stanford – The Biggest Bank Robber

[Ian MoncriefScott]

Antigua and Barbuda: (Sir) R Allen Stanford – The World’s Biggest Bank Robber
24 August 2010
Article by Ian Moncrief-Scott


When Verity (not her real name) retired she had simple dreams of living in the sun, caring for animals and putting something back into society.

R Allen Stanford, with his many active and passive accomplices, true fellow criminals, calculatingly shattered those dreams.

Indeed, Stanford created Verity's worst nightmare, which has left her destitute, entirely reliant on family support and needing scraps from kind neighbours to feed her dog.

Pretending his innocence, Stanford languishes in an American prison with room TV, entertainment and exercise, hiring and firing attorneys, with three square meals a day, heat and light paid by the taxpayer.

Meanwhile, Verity desperately worries from where the next meal will come.

So who allowed this tragedy unfold?

As long ago as 2007, Verity, simply asked her bank to transfer her personal funds. These were for her retirement.

This was not an investment in Stanford's fraudulent Certificates of Deposit but a straightforward, routine, everyday bank to bank SWIFT transfer.

Verity's bank was Barclays Wealth "the UK's leading wealth manager in terms of assets under management and the largest retail multi-manager."

The pensioner had worked hard all her life and wanted her savings to be conveniently placed in Stanford International Bank in Antigua, the country she had chosen for her retirement.

She trusted and relied upon Barclays Wealth to safely transfer her entire life savings.

Verity gave her clear instructions in writing as provided by Stanford International Bank.

Substantial monies were to be transferred to HSBC, London, using the SWIFT system - code MIDLGB22XXX for further credit to SIB in Antigua (Sort Code 40-05-15) etc.

However, the Sort Code 40-05-15 is not Stanford International Bank's but HSBC International Bank London.

HSBC acts as an official correspondent bank for SIB, which is now in receivership.

According to Vantis, the Receiver appointed by the Government of Antigua, her money is not at Stanford International Bank in Antigua at all. It has simply disappeared from the SIB account at HSBC in London.

HSBC contends, in its own remarkable blaze of self-publicity, "We aspire to be one of the world's great specialist banking groups, driven by commitment to our core philosophies and values."

Much has been made of Stanford's Ponzi Scheme but there has been little focus on the missing bank deposits in Antigua.

Antigua does not have a banking deposit protection scheme so any funds held in or associated with the country, are potentially vulnerable.

Antigua is also irrefutably well-known as a most dubious and corrupt place.

In 2001, with the formation of First Caribbean International Bank, Barclays effectively withdrew its own brand from the region.

Antigua has been the subject of two countrywide Treasury Advisories connected to Stanford and a US Senate report highlighting concerns about its links to correspondent banking.

Described at the time by the U.S. Department of Justice as "the largest case of non-drug-related money laundering every brought to justice", the case was significant enough to warrant inclusion in a report dated February 5, 2001, produced by the Minority Staff of the Permanent Subcommittee on Investigations, entitled Correspondent Banking: A Gateway to Money Laundering.

So why did Verity wait until 2009 before alerting Barclays that the funds were missing.

The reason for this was because Verity was told by Stanford International Bank that for cost saving purposes it did not issue written account statements but that a Stanford Financial Adviser would telephone her monthly to confirm her standing.

Each month she was assured by SIB Financial Advisers that her account was in good order, which she properly took to mean, held the expected level of funds following the transfer from Barclays Wealth.

During this time Verity had dealings with Kathy Belaziar and Yecella Mondez, at SIB Antigua.

Thus, using this method, the huge banking fraud at Stanford International Bank, Antigua remained concealed from March 2007 to December 2008, until Verity attempted to withdraw her funds.

Who has allowed this to happen?

Unlike the financial regulators, Verity knew nothing of Stanford's reckless and criminal Ponzi Scheme.

She just needed a safe and convenient bank to hold her retirement savings and trusted the high profile name of Stanford, much endorsed by celebrities, international politicians and world leaders.

Verity, like any of us, relied upon the financial regulators in the United States of America, UK and Antigua.

Meanwhile, Leroy King, the former head of the financial regulatory authority in Antigua, is the subject of a US extradition warrant. This is is not in Antigua's or, more correctly, certain Antiguan politicians' interest, that this should ever be fulfilled.

Karyl Van Tassel, FTI Consulting, a forensic accountancy acting for Ralph Janvey, the Receiver appointed by the Court to unravel Stanford's crimes has proved that billions of dollars destined for his dubious bank in woefully-regulated Antigua, never arrived.

Instead, on Stanford's instructions billions of dollars (sterling/euros) were transferred from HSBC International London to Stanford's corporate accounts at Toronto Dominion Bank in Canada, Trustmark National Bank in Mississippi and, mainly, the Bank of Houston.

The position of the victims of Stanford's crimes suing HSBC and the other banks involved in a class action is even clearer.

They claim that "Upon information and belief, prior to and during their establishment of a correspondent banking relationship with Stanford, HSBC gathered sufficient information concerning Stanford to understand Stanford's business and, as a result, knew, or should have known, that Stanford was conducting an illegal and fraudulent scheme.

Stanford provided members of the Class (sic the Stanford crime victims) with deposit instructions indicating that they could make deposits in Antigua-based SIBL by wiring funds to HSBC in London. HSBC was aware of these instructions that were provided to members of the Class, and expressly agreed with Stanford to receive wire deposits from members of the Class for further transfer to SIBL in Antigua.

After the establishment of the HSBC-Stanford correspondent bank relationship, members of the Class transferred funds to HSBC with the intent that such funds would be transferred to SIBL in Antigua for deposit there. Upon information and belief, all or substantially all of the funds that members of the class transferred to HSBC, with the intent that such funds would be transferred to SIBL in Antigua for deposit there, were redirected by HSBC, in concert with and/or at the direction of Stanford, to bank accounts in Houston, Texas, and elsewhere, after which such funds were distributed to other Stanford entities, "invested" in Allen Stanford's private ventures, used to fund Allen Stanford's lavish lifestyle, and reinvested in the criminal venture to keep the fraudulent scheme in operation.

Based upon the foregoing, and based upon its longstanding correspondent banking relationship with Stanford, HSBC knew, or should have known, that Stanford was conducting an illegal and fraudulent scheme."

However, this matter is far from just about Stanford.

The role of HSBC and the competence of the international payment agencies and regulators involved must now be questioned.

The question is a simple one:

How did a single shareholder institution with impossible multi-billion dollar yearly growth, with its base in ineptly regulated Antigua, having its accounts passed by a 73 year old from his a terraced house in Harrigey, satisfy the most basic due diligence tests expected by the Wolfsburg and Basel accords for correspondent banking relationships?

Meanwhile, as Verity and her dog go hungry, bankers, politicians, regulators and ombudsmen enjoy their inflation-proof pensions and well-compensated lifestyles.

[Allen]

Antigua and Barbuda: Antigua - The Rabid Dog of Expropriation Bites Again and Again


Once a rabid dog tastes blood, it is only a short matter of time before it bites again.

The initial victim of expropriation was the flagship Half Moon Bay Resort, located on what the Travel Magazine consistently lists as one of the top four beaches in the world, developed and owned by US investors for over thirty five years.

Despite the owners having the support of the World Bank for the redevelopment of the property, the rogue government of Antigua & Barbuda, fuelled by personal interests of several key ministers, has thus far succeeded in stealing the valuable property. It has taken physical possession of the property three years ago, and is yet to discuss payment for what it calls "a forced acquisition."

Armed with the Land Acquisition Act and the powers of eminent domain, certain key individuals who have led the expropriation, such as Attorney General Justin Simon and Minister of Finance Harold Lovell, have gone to great lengths to impede the process of compensation, ordered by the Privy Council and in breach of their own Antiguan Constitution.

It is well known that this attack on Half Moon Bay was intended for the benefit of R. Allen Stanford, whose public unmasking is a great inconvenience for the Government of Antigua and Barbuda.

Once lauded as a national hero, Stanford was knighted by the Government of Antigua, in recognition of his participation in the schemes and deals masquerading as economic development.

Then, suddenly, although not without a decade of international warnings, Stanford's criminal actions were unmasked with devastating impact upon thousands of innocent victims.

Although gravely implicated in the fraud, the Government of Antigua immediately resorted to expropriation of as much of Stanford's assets as it could identify.

Attempts have been made to halt the rampage, but if the Government of Antigua follows the model of its "first expropriation", Stanford investors could be in a long and possibly fruitless wait.

Unless there is another "sudden" change in the international response to the rabid dog, the signs do not look promising or hopeful.

The Eastern Caribbean Central Bank has de facto expropriated Stanford's Bank of Antigua.

In a press release on 18th February 2009, the ECCB claimed the bank was in good standing and the action was taken to prevent a run on the bank.

"The Eastern Caribbean Central Bank has noted with concern the situation surrounding the Stanford International Bank, an offshore bank registered in Antigua and Barbuda with international affiliates.

The Bank of Antigua, which is owned by the Stanford Group is not an offshore institution. It is a domestic bank licensed under the Banking Act of Antigua and Barbuda and Regulated by the Eastern Caribbean Central Bank.

Our inspections reveal that the bank is sound and has been compliant with the rules and regulations under the Banking Act.

It has a Memorandum of Understanding with the Central Bank with respect to guidelines as set by the ECCB to further ensure its safety, soundness and accountability.

The Bank of Antigua's liquidity position is sound according to the Central Bank's calculations as we have been monitoring the liquidity of the banks in the Currency Union very carefully since the onset of the international financial crisis.

Based on the news surrounding the Stanford International Bank a number of depositors started withdrawing their funds from the Bank of Antigua, causing some anxiety.

The ECCB on being informed of this has been in close touch with the Bank and the Government of Antigua and Barbuda. We have examined the situation very carefully and can assure the public that there is no need for panic.

We would like to point out the following:

1. The Bank of Antigua has sufficient liquidity at its offices and reserves at the Central Bank to meet the requirements of the public and its customers under normal circumstances. However, if individuals persist in rushing to the bank in a panic they will precipitate the very situation that we are all trying to avoid.

2. The Eastern Caribbean Central Bank and the Government of Antigua and Barbuda have a responsibility to preserve the safety and soundness of the banking system in Antigua and Barbuda in order to protect depositors. We will do what it takes in the current circumstances to execute this mandate.

We exhort the citizens of Antigua and Barbuda to remain calm so that we can take care of this matter in a smooth and expeditious manner so that the situation can quickly return to its normal state"

There has been no mention of compensation being paid to the Stanford victims. In effect their assets have been expropriated.

The rabid dog has bitten twice.

Conveniently, the new private owner is Eastern Caribbean Amalgamated Financial Company Ltd, a St Lucia company, which comprises representatives from Antigua Commercial Bank Ltd (a private entity in which Louis Lockhart, the uncle of Attorney General Justin Simon was one of its founders), East Caribbean Financial Holding Company Ltd, National Commercial Bank (SVG) Limited, National Bank of Dominica Ltd, St. Kitts-Nevis-Anguilla National Bank Limited and the Government of Antigua and Barbuda.

Meanwhile, undoubtedly Errol Cort will have been involved in the transaction between the Bank of Antigua and the Eastern Caribbean Central Bank, first as Minister of Finance until March 23, 2009 when he lost his seat to Bird, and then as the appointed Minister of National Security overseeing the Financial Services Regulatory Commission, among other statutory and not so statutory bodies. Cort was Stanford's personal attorney.

On 19th February 2010 the ECCB sought to further justify its expropriation saying,

"Following reports that a group purporting to represent the interests of individuals who have been the alleged victims of financial malpractices by Allen Stanford have filed a class action suit in Dallas against the Bank of Antigua, Eastern Caribbean Central Bank (ECCB), Antigua Commercial Bank, St Kitts-Nevis-Anguilla National Bank, East Caribbean Financial Holding Company, National Commercial Bank (SVG), National Bank of Dominica and the government of Antigua and Barbuda, the ECCB has issued a statement setting out what it regards as the "facts of relevance in this matter."

These facts of relevance, according to the ECCB are the following:

* The Bank of Antigua is an institution licensed under the Banking Act No. 14 of 2005 of the laws of Antigua and Barbuda. It is not an offshore bank and is therefore regulated by the ECCB.
* The Bank of Antigua suffered a classic bank run in the week beginning 16 February 2009 precipitated by the publication of negative statements regarding its lone shareholder, Allen Stanford, the subsequent filing of a civil complaint against him by the United States Securities and Exchange Commission (SEC), and the appointment of a receiver, Ralph Janvey, over all his assets, by the United States District Court of Dallas.

The run threatened the capacity of the Bank of Antigua to remain a viable entity and in the process put at risk the interest of depositors and creditors of the bank, the great majority of whom were citizens of Antigua and Barbuda.
* "The possible failure of the Bank of Antigua also had the capacity to destabilize the banking and financial system in Antigua and Barbuda, and by extension that of the Eastern Caribbean Currency Union (ECCU) because of its participation in the clearing and settlement system.
* In order to avoid a financial crisis, the ECCB, on the direction of the Monetary Council and in accordance with its Emergency Powers, assumed control of the Bank of Antigua on 20 February 2009. This is the classic role of a banking regulator or lender of last resort conferred on central banks from time immemorial. In recent times, in the current crisis this is a familiar occurrence in the United States where many financial institutions have been taken over by the regulatory authorities to prevent financial meltdown and to protect depositors and creditors.
* The Central Bank in the circumstances provided liquidity support to the Bank of Antigua at significant cost to the governments and people of the ECCU to prevent the failure of the Bank of Antigua and to protect the financial system against systemic threats.
* A management company, Eastern Caribbean Amalgamated Financial Company Ltd was appointed to manage the Bank of Antigua on behalf of the Central Bank and return it to normalcy. The company comprises representatives from the indigenous banking sector, namely Antigua Commercial Bank Ltd, East Caribbean Financial Holding Company Ltd, National Commercial Bank (SVG) Limited, National Bank of Dominica Ltd and St. Kitts-Nevis-Anguilla National Bank Limited and the government of Antigua and Barbuda.
* The Central Bank has been in regular contact with the United States Securities and Exchange Commission and Ralph Janvey the US Receiver of the Stanford Estate. It should be noted that neither parties have challenged the legality or propriety of the Central Bank's assumption of control of the Bank of Antigua in the circumstances described above.
* The Bank of Antigua has been under the legal control of the Central Bank since 20 February 2009. Contrary to the reported claims by the group, the Central Bank has not sold or otherwise disposed of the property, assets and undertaking of or any shareholding of the bank. The Central Bank has continued to support the institution while the management company continues to nurture the bank back to health under the direction of the Central Bank.

The ECCB said it is now engaged in carrying out the legal and financial arrangements to bring a satisfactory closure to this matter."

According to the Register, The Bank of Antigua was owned by a company solely owned by Stanford, which he called Stanford Bank Holdings. At some point in time, not clarified, the name was struck off the Register, because no company is allowed to exist with the word "bank" in its title unless it has its own banking license, which this Stanford Bank Holdings Company did not.

It has been confirmed that Stanford remains the sole shareholder / beneficial owner of the shares of the Bank of Antigua. Given their current value, it is not much. However, there also appears to be discussion and half-made decisions to value the bank at the time the Central Bank stepped in. Given the run on the deposits, pinpointing the time would certainly make a substantial difference. This apparently is one of the issues under discussion between Janvey and whoever is currently representing the Bank and the Antiguan Government in the Antiguan receivership.

The rabid dog enjoys the Stanford victims' blood and flesh and, flushed with success, turns to other Stanford Antiguan-based assets.

One such high profile example is the Sticky Wicket, allegedly closed because it failed to pay outstanding bills for electricity services and other utility services amounting to US$1.03 million owed to the State-owned Antigua Public Utilities Authority (APUA).

The cricket-themed Sticky Wicket restaurant sits where the Stanford 20/20 cricket tournament had been played a few years ago.

Neil Cochrane leading the investment of a group of locals has re-opened the restaurant under a two year lease with an option for renewal from the Stanford Development Company.

Under the new management, the Sticky Wicket will become the home of the Barracuda Football Club, Antigua's first professional football team. Gordon Derrick General Secretary of the Antigua Football Association (AFA) and a director of Sticky Wicket said that from April 2011 the team will host 15 home games with teams coming from North America and Central America.

The property rightfully belongs to the victims of Stanford and should have been sold, not leased, with the compensation going to the victims.

The rabid dog of expropriation has bitten once again.

Among the arsenal of responses available to the U.S. Government, there is one in particular which could seriously discourage individual involvement in further attacks of expropriation.

A new law was discretely introduced by the United States Government on 29 April 2008 – Denial of Visas to Confiscators of American Property.

Under 9 FAM 40.207 Section 2225 of Division G of Public Law 105 -277 the Secretary of State may deny issuance of a visa to any alien, who though an abuse of position, including a governmental or political party position converts or has converted for personal gain real property that has been confiscated or expropriation, which is owned by a national of the United States.

Crucially, a further provision applies the restriction to anyone, who induces any of the above actions or omissions.

Under the Act the Secretary of State is required to produce a list of aliens, who have been denied a visa and a further list of aliens, who could have been denied a visa but were issued with one together with an explanation why it was issued.

The lists have to be submitted within the first six months of enactment of the Act and every twelve months thereafter to the Speaker of the House of Representatives and the Chairman on Foreign Relations of the Senate. Both documents would be available to the public under the Freedom of Information Act.

Accordingly, anyone connected to or complicit with expropriation, which will include the Government's employees, UPP party members, officials of the Antigua & Barbuda Investment Agency, other agents, valuers, bankers, lawyers, accountants and advisers, could now be denied a United States visa.

Moreover, the restriction applies to anyone connected to expropriation, such as any future beneficiaries, their agents, lawyers, bankers, accountants, consultants, advisors and employees.

Though, the Act was specifically designed for Cuba, it is not exclusively so and equally applies to any rogue state that expropriates US owned property.

The list must be building fast!

[jramirezc772]

Sept 11, 2010 3:43:46 GMT 4 Allen said:

Antigua and Barbuda: Antigua - The Rabid Dog of Expropriation Bites Again and Again


Once a rabid dog tastes blood, it is only a short matter of time before it bites again.

The initial victim of expropriation was the flagship Half Moon Bay Resort, located on what the Travel Magazine consistently lists as one of the top four beaches in the world, developed and owned by US investors for over thirty five years.

Despite the owners having the support of the World Bank for the redevelopment of the property, the rogue government of Antigua & Barbuda, fuelled by personal interests of several key ministers, has thus far succeeded in stealing the valuable property. It has taken physical possession of the property three years ago, and is yet to discuss payment for what it calls "a forced acquisition."

Armed with the Land Acquisition Act and the powers of eminent domain, certain key individuals who have led the expropriation, such as Attorney General Justin Simon and Minister of Finance Harold Lovell, have gone to great lengths to impede the process of compensation, ordered by the Privy Council and in breach of their own Antiguan Constitution.

It is well known that this attack on Half Moon Bay was intended for the benefit of R. Allen Stanford, whose public unmasking is a great inconvenience for the Government of Antigua and Barbuda.

Once lauded as a national hero, Stanford was knighted by the Government of Antigua, in recognition of his participation in the schemes and deals masquerading as economic development.

Then, suddenly, although not without a decade of international warnings, Stanford's criminal actions were unmasked with devastating impact upon thousands of innocent victims.

Although gravely implicated in the fraud, the Government of Antigua immediately resorted to expropriation of as much of Stanford's assets as it could identify.

Attempts have been made to halt the rampage, but if the Government of Antigua follows the model of its "first expropriation", Stanford investors could be in a long and possibly fruitless wait.

Unless there is another "sudden" change in the international response to the rabid dog, the signs do not look promising or hopeful.

The Eastern Caribbean Central Bank has de facto expropriated Stanford's Bank of Antigua.

In a press release on 18th February 2009, the ECCB claimed the bank was in good standing and the action was taken to prevent a run on the bank.

"The Eastern Caribbean Central Bank has noted with concern the situation surrounding the Stanford International Bank, an offshore bank registered in Antigua and Barbuda with international affiliates.

The Bank of Antigua, which is owned by the Stanford Group is not an offshore institution. It is a domestic bank licensed under the Banking Act of Antigua and Barbuda and Regulated by the Eastern Caribbean Central Bank.

Our inspections reveal that the bank is sound and has been compliant with the rules and regulations under the Banking Act.

It has a Memorandum of Understanding with the Central Bank with respect to guidelines as set by the ECCB to further ensure its safety, soundness and accountability.

The Bank of Antigua's liquidity position is sound according to the Central Bank's calculations as we have been monitoring the liquidity of the banks in the Currency Union very carefully since the onset of the international financial crisis.

Based on the news surrounding the Stanford International Bank a number of depositors started withdrawing their funds from the Bank of Antigua, causing some anxiety.

The ECCB on being informed of this has been in close touch with the Bank and the Government of Antigua and Barbuda. We have examined the situation very carefully and can assure the public that there is no need for panic.

We would like to point out the following:

1. The Bank of Antigua has sufficient liquidity at its offices and reserves at the Central Bank to meet the requirements of the public and its customers under normal circumstances. However, if individuals persist in rushing to the bank in a panic they will precipitate the very situation that we are all trying to avoid.

2. The Eastern Caribbean Central Bank and the Government of Antigua and Barbuda have a responsibility to preserve the safety and soundness of the banking system in Antigua and Barbuda in order to protect depositors. We will do what it takes in the current circumstances to execute this mandate.

We exhort the citizens of Antigua and Barbuda to remain calm so that we can take care of this matter in a smooth and expeditious manner so that the situation can quickly return to its normal state"

There has been no mention of compensation being paid to the Stanford victims. In effect their assets have been expropriated.

The rabid dog has bitten twice.

Conveniently, the new private owner is Eastern Caribbean Amalgamated Financial Company Ltd, a St Lucia company, which comprises representatives from Antigua Commercial Bank Ltd (a private entity in which Louis Lockhart, the uncle of Attorney General Justin Simon was one of its founders), East Caribbean Financial Holding Company Ltd, National Commercial Bank (SVG) Limited, National Bank of Dominica Ltd, St. Kitts-Nevis-Anguilla National Bank Limited and the Government of Antigua and Barbuda.

Meanwhile, undoubtedly Errol Cort will have been involved in the transaction between the Bank of Antigua and the Eastern Caribbean Central Bank, first as Minister of Finance until March 23, 2009 when he lost his seat to Bird, and then as the appointed Minister of National Security overseeing the Financial Services Regulatory Commission, among other statutory and not so statutory bodies. Cort was Stanford's personal attorney.

On 19th February 2010 the ECCB sought to further justify its expropriation saying,

"Following reports that a group purporting to represent the interests of individuals who have been the alleged victims of financial malpractices by Allen Stanford have filed a class action suit in Dallas against the Bank of Antigua, Eastern Caribbean Central Bank (ECCB), Antigua Commercial Bank, St Kitts-Nevis-Anguilla National Bank, East Caribbean Financial Holding Company, National Commercial Bank (SVG), National Bank of Dominica and the government of Antigua and Barbuda, the ECCB has issued a statement setting out what it regards as the "facts of relevance in this matter."

These facts of relevance, according to the ECCB are the following:

* The Bank of Antigua is an institution licensed under the Banking Act No. 14 of 2005 of the laws of Antigua and Barbuda. It is not an offshore bank and is therefore regulated by the ECCB.
* The Bank of Antigua suffered a classic bank run in the week beginning 16 February 2009 precipitated by the publication of negative statements regarding its lone shareholder, Allen Stanford, the subsequent filing of a civil complaint against him by the United States Securities and Exchange Commission (SEC), and the appointment of a receiver, Ralph Janvey, over all his assets, by the United States District Court of Dallas.

The run threatened the capacity of the Bank of Antigua to remain a viable entity and in the process put at risk the interest of depositors and creditors of the bank, the great majority of whom were citizens of Antigua and Barbuda.
* "The possible failure of the Bank of Antigua also had the capacity to destabilize the banking and financial system in Antigua and Barbuda, and by extension that of the Eastern Caribbean Currency Union (ECCU) because of its participation in the clearing and settlement system.
* In order to avoid a financial crisis, the ECCB, on the direction of the Monetary Council and in accordance with its Emergency Powers, assumed control of the Bank of Antigua on 20 February 2009. This is the classic role of a banking regulator or lender of last resort conferred on central banks from time immemorial. In recent times, in the current crisis this is a familiar occurrence in the United States where many financial institutions have been taken over by the regulatory authorities to prevent financial meltdown and to protect depositors and creditors.
* The Central Bank in the circumstances provided liquidity support to the Bank of Antigua at significant cost to the governments and people of the ECCU to prevent the failure of the Bank of Antigua and to protect the financial system against systemic threats.
* A management company, Eastern Caribbean Amalgamated Financial Company Ltd was appointed to manage the Bank of Antigua on behalf of the Central Bank and return it to normalcy. The company comprises representatives from the indigenous banking sector, namely Antigua Commercial Bank Ltd, East Caribbean Financial Holding Company Ltd, National Commercial Bank (SVG) Limited, National Bank of Dominica Ltd and St. Kitts-Nevis-Anguilla National Bank Limited and the government of Antigua and Barbuda.
* The Central Bank has been in regular contact with the United States Securities and Exchange Commission and Ralph Janvey the US Receiver of the Stanford Estate. It should be noted that neither parties have challenged the legality or propriety of the Central Bank's assumption of control of the Bank of Antigua in the circumstances described above.
* The Bank of Antigua has been under the legal control of the Central Bank since 20 February 2009. Contrary to the reported claims by the group, the Central Bank has not sold or otherwise disposed of the property, assets and undertaking of or any shareholding of the bank. The Central Bank has continued to support the institution while the management company continues to nurture the bank back to health under the direction of the Central Bank.

The ECCB said it is now engaged in carrying out the legal and financial arrangements to bring a satisfactory closure to this matter."

According to the Register, The Bank of Antigua was owned by a company solely owned by Stanford, which he called Stanford Bank Holdings. At some point in time, not clarified, the name was struck off the Register, because no company is allowed to exist with the word "bank" in its title unless it has its own banking license, which this Stanford Bank Holdings Company did not.

It has been confirmed that Stanford remains the sole shareholder / beneficial owner of the shares of the Bank of Antigua. Given their current value, it is not much. However, there also appears to be discussion and half-made decisions to value the bank at the time the Central Bank stepped in. Given the run on the deposits, pinpointing the time would certainly make a substantial difference. This apparently is one of the issues under discussion between Janvey and whoever is currently representing the Bank and the Antiguan Government in the Antiguan receivership.

The rabid dog enjoys the Stanford victims' blood and flesh and, flushed with success, turns to other Stanford Antiguan-based assets.

One such high profile example is the Sticky Wicket, allegedly closed because it failed to pay outstanding bills for electricity services and other utility services amounting to US$1.03 million owed to the State-owned Antigua Public Utilities Authority (APUA).

The cricket-themed Sticky Wicket restaurant sits where the Stanford 20/20 cricket tournament had been played a few years ago.

Neil Cochrane leading the investment of a group of locals has re-opened the restaurant under a two year lease with an option for renewal from the Stanford Development Company.

Under the new management, the Sticky Wicket will become the home of the Barracuda Football Club, Antigua's first professional football team. Gordon Derrick General Secretary of the Antigua Football Association (AFA) and a director of Sticky Wicket said that from April 2011 the team will host 15 home games with teams coming from North America and Central America.

The property rightfully belongs to the victims of Stanford and should have been sold, not leased, with the compensation going to the victims.

The rabid dog of expropriation has bitten once again.

Among the arsenal of responses available to the U.S. Government, there is one in particular which could seriously discourage individual involvement in further attacks of expropriation.

A new law was discretely introduced by the United States Government on 29 April 2008 – Denial of Visas to Confiscators of American Property.

Under 9 FAM 40.207 Section 2225 of Division G of Public Law 105 -277 the Secretary of State may deny issuance of a visa to any alien, who though an abuse of position, including a governmental or political party position converts or has converted for personal gain real property that has been confiscated or expropriation, which is owned by a national of the United States.

Crucially, a further provision applies the restriction to anyone, who induces any of the above actions or omissions.

Under the Act the Secretary of State is required to produce a list of aliens, who have been denied a visa and a further list of aliens, who could have been denied a visa but were issued with one together with an explanation why it was issued.

The lists have to be submitted within the first six months of enactment of the Act and every twelve months thereafter to the Speaker of the House of Representatives and the Chairman on Foreign Relations of the Senate. Both documents would be available to the public under the Freedom of Information Act.

Accordingly, anyone connected to or complicit with expropriation, which will include the Government's employees, UPP party members, officials of the Antigua & Barbuda Investment Agency, other agents, valuers, bankers, lawyers, accountants and advisers, could now be denied a United States visa.

Moreover, the restriction applies to anyone connected to expropriation, such as any future beneficiaries, their agents, lawyers, bankers, accountants, consultants, advisors and employees.

Though, the Act was specifically designed for Cuba, it is not exclusively so and equally applies to any rogue state that expropriates US owned property.

The list must be building fast!

All the clients money was there, but the goverment of the island took it! Cant belive those guys!