District Court Blocks Stanford International Bank from Obtaining Defense Funds in Alleged Ponzi Scheme

SEC v. Stanford Int'l Bank

(U.S. Dist. Ct., N. Dist. of Texas, September 28, 2009)


Robert Allen, the alleged architect of the Stanford Ponzi scheme, sought to secure up to $90 Million in insurance funds to pay defense costs. Stanford had made an emergency application to an English court seeking the policy proceeds.


The court, claiming jurisdiction over the policies at issue entered an order enjoining “Allen Stanford and anyone acting in concert with him, including his attorneys, from taking further steps to seek relief in any court other then this relating to the Policies.” The Insurance and Reinsurance Report will continue to monitor this action as it moves forward. 


A copy of the order can be found here


Brian R. Biggie and Sharon Angelino