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.
WASHINGTON/NEW YORK, Fri Aug 17, 2012 – Stanford University has sent a “cease and desist” letter to Nu Skin Enterprises Inc. asking the company to stop using a university researcher’s name in its advertising, adding new scrutiny to the skin product maker’s business claims and practices.
According to a copy of the letter emailed to Reuters, Stanford geneticist Stuart Kim is listed as a “Nu Skin Partner” in developing its ageLOC anti-aging products, though he has nothing to do with the company. Nu Skin touts its skin creams and pills as using innovative technology to “reset” genes that promote a more youthful look and feel for its clients, according to its website.
“Neither Dr. Kim nor Stanford is a ‘Nu Skin Partner’ and neither has anything to do with the company,” states the letter, signed by Steven Rosen from Stanford’s Office of the General Counsel.
Stanford asks Nu Skin to remove all references to Kim from its website by Friday. Kim told Reuters he had previously collaborated with Nu Skin but stopped the relationship in 2011, and that he had never received any money from the company.
The news comes hours after short seller Andrew Left’s Citron Research issued a new report critical of Nu Skin, saying the firm had misrepresented its relationship with Kim and had never funded any of his research. Citron also argues the company’s products could come under greater U.S. regulatory scrutiny.
Citron repeated its allegation that Nu Skin operated an illegal multi-level marketing scheme in mainland China, the fastest growing market in direct-selling.