|  | | 2010 News and Press Releases | | |
HEADLINE NEWS:
Stanford's Daughter Fighting Sale Of $1.3M Condo
Staff Writer
Associated Press. January 6, 2010
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EXCERPT: The daughter of jailed Texas businessman R. Allen Stanford must appear in federal court to show why she should not be held in contempt for fighting the sale of her $1.3 million Houston condominium, a judge ruled Wednesday. Stanford's daughter Randi argued in court papers that she is entitled to stay in the 2,800 square foot condo because it was a gift from her father, who is accused of leading a $7 billion Ponzi scheme. Randi Stanford said the condo is not part of the allegedly tainted assets seized by the government and accused the receiver in control of her dad's businesses of "Gestapo-like tactics." The court-appointed receiver, Dallas lawyer Ralph Janvey, has pressed for a contempt of court hearing, arguing in a motion that Randi Stanford has "refused to cooperate with the receiver's reasonable efforts to take control of the condo." Judge David C. Godbey on Wednesday set a show cause hearing for Jan. 28.
Randi Stanford's lawyer did not return a message left by The Associated Press. The Securities and Exchange Commission accuses Allen Stanford of promising inflated returns to about 28,000 investors on certificates of deposit at his Antiguan bank. The SEC also accuses him of skimming more than $1 billion to fund a lavish lifestyle. Allen Stanford, who faces a civil suit in Dallas and is jailed in the Houston area on similar criminal charges, denies the allegations. Janvey maintains the condominium falls under his authority because it was bought by Allen Stanford using money from his personal bank account. He wants to sell it, with the proceeds going to investors allegedly fleeced by Stanford. Janvey disputes that the condo represents a legal gift from Stanford to his daughter, which would entitle her under Texas law to keep it.
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