The SEC’s allegations against Sir Allen Stanford have illustrated the complex and often adversarial relationships between regulators, governments and quasi-governmental bodies, courts and individuals involved.
Over the weekend, the BBC obliquely suggested that the US Drug Enforcement Administration (DEA) had asked the SEC to “stand down” from a 2006 investigation into the businessman’s affairs: Read more
Vantis, the UK-based company appointed by Antigua regulators to oversee the affairs of Stanford International Bank – which claimed more than $8bn in assets – is not optimistic about prospects for recovering investors’ cash.
Nigel Hamilton Smith, a client partner at Vantis, put it thus (emphasis FT Alphaville’s): Read more
Nigel Hanilton-Smith and Peter Wastell, Client Partners at Vantis Business Recovery Services, a division of Vantis, the UK accounting, tax and business advisory group, were appointed by the Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda as Joint Receivers on 19th February 2009 of Stanford International Bank Ltd. and Stanford Trust Company Ltd. in accordance with International Business Corporation Act, 1982 Cap. 222, as amended.
Hamilton-Smith and Wastell, along with a team of recovery specialists from Vantis, are currently on site in Antigua to take control of the entities. Read more