CRT Offer to Buy Stanford International Bank Investor Claims

(Caracas, November 26 - Noticias24) -. CRT Special Investments announced Tuesday through a press release that it would buy claims from Stanford International Bank (SIB) to investors, who can "receive their money within weeks instead of having to wait years and face the uncertainty of recovery, "said Joe Sarachek, General Director of the CRT.

 Following is the full text of the statement: http://sivg.org/forum/view_topic.php?t=eng&id=165

Participante líder en la venta y compra de reclamos de Stanford Proporcionando a Vendedores(Inversionistas) Liquidez Garantizada

Nueva York, Nueva York, noviembre de 2013 – CRT Special Investments LLC (” CRT Special Investments “) ha anunciado hoy que está enfocado en proporcionar liquidez a los ex depositantes de Stanford International Bank en América Latina con un staff dedicado de habla hispana y cuenta con sitio web.

Stanford International Bank (” SIB “) era un banco con sede en Antigua, que operó desde 1986 hasta el 2009, con sede en Houston, Texas. Los depositantes de SIB recibieron certificados de depósito. Aproximadamente $ 7 mil millones fueron depositados en SIB. En febrero del 2009, la Securities and Exchange Commission de los EE.UU. obtuvo una orden para congelar todos los activos personales y corporativos de Stanford en los EE.UU. y un receptor para Stanford. Hasta la fecha, aproximadamente $ 500 millones en activos líquidos han sido identificados por el Síndico y Liquidadores Conjuntos, dejando a los ahorradores con una pérdida substancial proyectada.

El Administrador Judicial ha comenzado recientemente a hacer una distribución del 1 % a los inversionistas, pero más distribuciones son inciertas.

Un procedimiento paralelo al procedimiento de EE.UU. se inició en febrero de 2009 en Antigua. Los depositantes también han presentado reclamos con Grant Thornton, que ha sido designado como Liquidador Conjunto en Antigua. Hasta la fecha, ninguna distribución se ha realizado en Antigua. Debido al hecho de que no se sabe cuándo se harán nuevas distribuciones o el momento de la distribución, los depositantes que buscan liquidez se enfrentan a la elección de la venta de los compradores en el mercado secundario.

El proceso de transferencia de reclamos es extremadamente lento, ya que requiere la presentación de documentos en dos jurisdicciones separadas, Dallas y Antigua. “Ninguna otra compañía tiene la experiencia y la dedicación para el mercado de América Latina en Stanford “, dijo Joe Sarachek , Director General de la CRT Special Investments. “Nuestro objetivo es proporcionar recuperación garantizada y liquidez para los clientes de Stanford lo más rápido posible. ” Sarachek añadió ” Si usted vende su reclamo a CRT, usted podrá recibir su dinero en cuestión de semanas en lugar de tener que esperar años y enfrentarse a la incertidumbre de la recuperación. ”

CRT Special Investments, ha sido un participante líder en el mercado de reclamos de Stanford , cuenta con la experiencia y conocimiento del mercado , no sólo para ofrecer liquidez a los clientes que buscan vender , sino también para estructurar préstamos y negociaciones para aquellos clientes que aún no están listos para vender sus reclamos. CRT Special Investments es una filial de CRT Capital Group LLC ( “CRT “), una sociedad de valores con sede en Stamford , Connecticut, EUA que ha mantenido a los clientes institucionales desde hace más de 20 años. CRT proporciona investigación a profundidad sobre el procedimiento de quiebra de MF Global y compra venta de reclamos.

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group - SIVG official forum http://sivg.org

Stanford Victims Coalition Update Regarding SIPC

Dear SVC Members,

 I apologize for the gap in time between updates, but I have some very exciting news today about a project I have been working on full-time all year—a legislative remedy that should get us SIPC if the bill is passed—regardless of the outcome of the SEC vs. SIPC appeal (which could still go our way). “The Restoring Main Street Investor Protection and Confidence Act,” is being introduced in the House today with a Senate companion bill to follow. A hearing of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises is set for Thursday, November 21 (victims are encouraged to attend and I will be testifying along with another Stanford victim). A Senate Banking Committee hearing will be held as well, but a date has not been set.............

Read more: http://sivg.org/forum/view_topic.php?t=eng&id=156

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group - SIVG official forum http://sivg.org/forum/

U.S. lawmakers seek fix to help investors file claims against brokers

Nov 20 (Reuters) - A bipartisan group of U.S. House and Senate members is seeking to make it easier for investment fraud victims to seek compensation, after investors in Allen Stanford's Ponzi scheme were deemed ineligible under current law to file claims.

The bill, introduced by Louisiana Republican Senator David Vitter, New York Democratic Senator Charles Schumer, New Jersey Republican Rep. Scott Garrett and New York Democratic Rep. Carolyn Maloney, would bestow U.S. securities regulators with greater powers to oversee the process of determining whether customers of failed brokerages qualify for compensation.

The legislative proposal comes as the Securities and Exchange Commission awaits a crucial decision from a U.S. appeals court over the fate of the Stanford victims.

The SEC is trying to get the court to force an industry-backed fund that protects investors to start court proceedings so Stanford victims can file claims to recover a least a portion of the millions they lost.

The Securities Investor Protection Corp., or SIPC, which administers the fund, has refused the SEC's request, saying Stanford investors do not meet the legal definition of "customer" under the federal law designed to protect investors if their brokerage collapses.

SIPC uses funds paid by the brokerage industry to compensate investors in the event of a bankruptcy, such as the one that occurred at Lehman Brothers in 2008.

 Allen Stanford was sentenced in 2012 to 110 years in prison for bilking investors with fraudulent certificates of deposit issued by Stanford International Bank, his bank in Antigua.

Many of the investors who purchased the products, however, did so through his Houston, Texas-based brokerage, Stanford Group Co.

SIPC argues that investors in the scheme entrusted their money to the offshore, unregulated Antiguan bank and not to the U.S. broker-dealer. Moreover, it says that Stanford's investors actually did receive their certificates of deposit, as promised, even though they turned out to be virtually worthless.

A federal district judge agreed with SIPC's legal position in July 2012, and tossed out the SEC's lawsuit.

The SEC appealed the ruling before the U.S. Court of Appeals for the District of Columbia in October, and is awaiting a decision.

 SIPC's refusal to let Stanford victims file claims has frustrated many lawmakers on Capitol Hill, including Vitter, who has been among the most vocal in fighting for the Stanford victims.

"The Stanford Ponzi scheme devastated many Louisiana families who invested their hard-earned savings in good faith that it would be there for them when they retire," Vitter said in a statement issued on Wednesday.

"Our bill will fix a key problem we've seen with the system, which currently allows SIPC's Wall Street members to benefit economically from the SIPC guarantee while denying the claims of legitimate victims," he added.

The legislative proposal by the four lawmakers will be vetted in a hearing before a subcommittee of the House Financial Services Committee on Thursday.

Among the witnesses scheduled to testify are Stephen Harbeck, the president of SIPC, a representative from Wall Street's leading brokerage trade group, and Angie Kogutt, a Stanford victim in charge of the Stanford Victims Coalition.

The 19-page bill would amend the definition of "customer" to ensure that investors who deposit cash to buy securities can still be covered by SIPC protection, even if the money is initially given to a firm that is not a SIPC member.

 It would also give the SEC more authority to force SIPC to act without the need for court approval.

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group - SIVG official forum http://sivg.org/forum/