Prison-Beaten Standford Block From Accessing Insurance Funds

Disgraced financier Sir Allen Stanford has been blocked from trying to go through a court outside the United States to access his Lloyd’s of London liability insurance.

Attorneys acting on his behalf had made an application to a British court, seeking an emergency hearing in London to stop the US receiver Ralph Janvey from interfering with Lloyd’s payment of some fees to Stanford’s lawyers under the liability policy.

British attorney Simon Peter Kamstra, in a statement dated September 23rd , told the court that the US Securities and Exchange Commission and the UK’s Serious Fraud Office had no objection to Stanford obtaining legal defense funds through the Lloyd’s policy.

But Janvey’s intervention in the matter has succeeded.

He has convinced US District Judge David Godbey, who is presiding over Stanford’s civil case, to order the fraud accused to withdraw his petition from the London court.

“It appears that Stanford is purporting to seek relief before another tribunal relating to the policies. Such actions by Stanford both violate the terms of this court’s prior orders, as well as threaten to interfere with this court’s jurisdiction over the policies,” Godbey wrote in his order.
Janvey has been fighting Stanford’s efforts to unlock frozen assets or access his Lloyd’s of London liability insurance, which could be worth US$90 million, to hire lawyers.

The former billionaire, who claimed that the freezing of his accounts and seizure of his assets has left him with no money, was since given a public defender.
The 59-year-old was earlier this week allowed to move from the Joe Corley Detention Facility in Conroe, where he has been since his indictment in June, to the Federal Detention Center in downtown Houston so he can be closer to his lawyer.

The decision also came after he was beaten up in prison. He had to be taken to the hospital after suffering a broken nose, two black eyes and a concussion.


One Response to Prison-Beaten Standford Block From Accessing Insurance Funds

  1. Pingback: Allen Stanford Spits Up Blood in Court « Bajan Global Report

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