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Allen Stanford is headed to trial on Monday for an alleged $7.2 billion fraud. But the effects of a 2009 beating he suffered in prison are complicating the case against him. Lloyd’s of London underwriters are attempting to convince a U.S. Judge that financier R. Allen Stanford conspired to steal money so they can avoid paying attorneys to defend him on criminal.
As the world continues to face challenges in dealing with the Coronavirus (COVID-19) pandemic, we are taking steps to provide some safety measures to our clients and staff.
- The trial of the brash cricket lover and former financier Allen Stanford, which was scheduled to begin this month, has been delayed indefinitely by a Texas judge in the wake of fresh.
- ROBERT ALLEN STANFORD, also known as Sir Allen Stanford, also known as Allen Stanford, Defendant - Appellant Appeal from the United States District Court for the Southern District of Texas USDC No. 4:09-CR-342-1 Before KING, STEWART, and HAYNES, Circuit Judges.
Given the wide-ranging impact of the pandemic and in line with advice from government and the World Health Organisation (WHO), limiting unnecessary human contact is an invaluable precaution. We therefore strongly encourage you to use our suite of digital tools and trading platforms for your financial needs. Digital platforms provide an efficient, fast, safe and nearly instantaneous solution to many, if not all your investing requirements, away from public spaces.
KEEPING EVERYONE SAFE
The safety of our employees and clients is something that we care deeply about. While the extent of COVID-19 is still unknown, our plans have the necessary flexibility to evolve as the situation requires.
As a result, Sharenet will unfortunately not be accommodating client meetings at a branch level, for the forceable future. As soon as the situation changes, we will advise you, our valuable clients accordingly.
ONLINE SAFETY
The widespread concern around COVID-19 creates the perfect opportunity for cybercriminals to defraud customers. To ensure protection against targeted ransomware and Malware attacks, remember to install the latest version of a Multi-layered Antivirus program and never share your account details online or via email.
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We thank you for your understanding. All the best to you and your loved ones.
TD Bank should be held liable for more than $5.7 billion Cdn of losses at the collapsed Antigua bank of former Texas financier Robert Allen Stanford, lawyers for its liquidators argued in an Ontario court on Monday.
The joint liquidators of Stanford International Bank (SIB) allege 'negligence and knowing assistance' by TD, Canada's second-biggest lender, in allowing SIB to maintain correspondent accounts, according to a statement filed with the Ontario Superior Court of Justice in 2019.
In earlier court filings, the plaintiffs had sought damages of $7 billion.
Stanford is serving a 110-year prison term after being convicted in 2012 of running a $9.2-billion Ponzi scheme.
Correspondent banking is the business of providing services to offshore financial institutions. The joint liquidators are Grant Thornton in the British Virgin Islands and the Cayman Islands.
The plaintiffs allege that TD knew of the 'extraordinary risks' from providing the services and that the bank was
therefore 'reckless.'
'Like everyone else, during the time that Stanford International Bank was a customer of TD, we had no knowledge of, and no reason to suspect, any fraudulent activity was taking place,' a TD spokesperson said. 'TD is not responsible for the fraud committed by Allen Stanford.'
The trial is scheduled to last three months, a spokesperson for one of the plaintiffs' lawyers said.
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'If there was evidence sufficient to warrant criminal prosecution, TD would have been charged years ago,' said James Shanahan, an analyst at Edward Jones. 'A judgment or settlement of [more than] $500 million [US] would surprise the market.'
TD estimated reasonably possible losses from legal and regulatory actions including the Stanford litigation of between zero and $951 million Cdn as of Oct. 31. Provisions related to legal action will be taken when a loss becomes probable and an amount can be reliably estimated, it said in its 2020 annual report.
TD shares rose 0.3 per cent in Toronto on Monday in a generally down market.
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In November, a Swiss court ordered Societe Generale SA to surrender $190 million deposited by Stanford, saying it had failed to do proper due diligence.