Receiver in Stanford Case Files Motion to Sell Real Estate

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FOX Business Network has learned that real estate owned by Stanford Financial Group, the finance company which the Securities and Exchange Commission has alleged is a Ponzi scheme, will be auctioned off this summer if a motion filed by the lawyer managing the firm’s assets is granted.

Court appointed receiver Ralph Janvey filed a motion on Monday in federal court to start the process of selling off much of the company’s property in Texas, Michigan, Tennessee, North Carolina and Mississippi.

There are more than 50 parcels that will be auctioned off, including the company’s headquarters in Houston, if the judge approves Janvey’s motion. Janvey has also asked the court to approve a fee proposal allowing CB Richard Ellis, a national commercial real estate services firm, to be paid for administering the auction.

The attorney representing Robert Allen Stanford, the Houston financier who is accused of perpetrating the Ponzi scheme, denies the government’s claim that his client committed fraud — and has said he will oppose attempts by the receiver to sell Stanford Financial Group assets.

“This amounts to the receiver destroying the value of these choice properties by holding a fire sale, resulting in obtaining mere pennies on the dollar,” Dick DeGuerin, Stanford’s attorney, said. “The assets should be preserved, not thrown away. We will oppose.”

The receiver is also reportedly attempting to sell residential properties in St. Croix, Virgin Islands, which are also owned by Stanford Financial Group.

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