March 12 U.S. and Antiguan officials liquidating
Allen Stanford's offshore bank said they have reached a
settlement that would return a substantial portion of $300
million in frozen assets to the victims of Stanford's fraud, a
court filing showed.
Stanford was sentenced in June to 110 years in prison for
bilking investors with fraudulent certificates of deposit issued
by Stanford International Bank, his bank in Antigua.
Ever since the Ponzi scheme was uncovered, U.S. and
international authorities, including those in Antigua and the
United Kingdom, have been fighting for control of Stanford's
assets outside of the United States.
"None of these international assets has been turned over to
the Justice Department or distributed to the victims of the
Stanford scheme," lawyers representing U.S. officials said in
the filing with the federal court in Texas overseeing the case.
The agreement between U.S. and Antiguan officials provides
for the distribution of almost 90 percent of the frozen assets
from the UK, Canada, and Switzerland, and will become effective
after it has been approved by the respective courts in those
"After lengthy and complex negotiations, the parties have
reached agreement on a settlement that if approved...will end
four years of conflict and litigation," lawyers said in the
The dispute for control over Stanford's UK assets is
currently pending before the UK Central Criminal Court.
The American case is in re: SEC vs Stanford International
Bank Ltd et al, Case No. 09-cv-0298, U.S. District Court,
Northern District of Texas.