HOUSTON (Reuters) - The daughter of indicted Texas financier Allen Stanford must move out of a $1.3 million luxury apartment in Houston by March 31, according to an agreement reached with a court-appointed receiver on Thursday.
Randi Stanford, 27, had fought attempts to force her to leave the condominium, even referring in a court filing to “Gestapo-like tactics” by lawyers for the receiver, Ralph Janvey. The apartment is in a high-rise in Houston’s posh River Oaks neighborhood.
Janvey, overseeing liquidation of Allen Stanford’s assets, said he would sell the 2,800-square-foot condominium and return profits to Stanford’s shareholders.
Allen Stanford faces 21 criminal charges related to a $7 billion Ponzi scheme that centered on fraudulent certificates of deposit (CDs) issued by his offshore bank in Antigua. He is jailed in Houston awaiting trial, which is due to start in January 2011.
Stanford’s lawyers had argued that Janvey has not shown that funds used to buy the condo could be traced to fraudulent conduct.
An analysis by a forensic accountant submitted on Wednesday showed that the $1,297,506 used to purchase the property in January 2007 came from Allen Stanford’s personal bank account at the Bank of Antigua Limited in Antigua and Barbuda.
Reporting by Chris Baltimore
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