February 10, 2010 / 11:47 PM / 8 years ago

U.S. judge OKs sale of Stanford's Panama assets

HOUSTON, Feb 10 (Reuters) - The receiver overseeing accused swindler Allen Stanford’s estate may proceed with the sale of the firm’s bank and brokerage in Panama, a U.S. judge said on Wednesday.

Ralph Janvey, the court-appointed receiver, may proceed with the sale of Stanford Bank S.A. and Stanford Casa de Valores in Panama City, two assets held by Stanford International Holdings S.A., U.S. District Judge David Godbey said in a one-page order.

Panama’s bank regulator seized Stanford’s Panama operations last year after the U.S. Securities and Exchange Commission accused Texas billionaire Allen Stanford of running a $7 billion Ponzi scheme.

Janvey had previously negotiated the sale of the Stanford assets to Strategic Investments Group for $15.5 million, according to court documents.

Stanford, 59, opposed the sale. He has denied any wrongdoing and is in a Houston jail awaiting trial on criminal charges related to the fraud.

The civil case is Securities and Exchange Commission v. Stanford International Bank Ltd et al, U.S. District Court for the Northern District of Texas, No. 09-00298-N. (Reporting by Anna Driver in Houston; editing by Andre Grenon)

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