NEW YORK, Mon Feb 18, 2013 — The Official Stanford Investors Committee and the court-appointed receiver of Allen Stanford’s financial empire have sued Antigua and Barbuda, the Eastern Caribbean Central Bank and 23 former Stanford Financial Group Co. executives, accusing them of assisting in the financier’s $7 billion Ponzi scheme.
The committee is seeking at least $90 million of transfers to Antigua, according to the complaint filed on Feb. 15 in U.S. Federal Court in Dallas. It also is seeking punitive damages. It accuses Antigua and Barbuda of shielding Stanford’s activities in exchange for loans that were not repaid and real estate.
The suit accuses the twin-island nation of being a “‘blood brother’ to Stanford, and an integral component of Stanford’s fraudulent enterprise”, according to court documents.
Stanford, 62, is appealing his March 2012 conviction and 110-year prison sentence over what prosecutors called a massive fraud centered on the sale of bogus certificates of deposit by his Antigua-based Stanford International Bank.