Long Arm Of US Law Reaches Across The Pond To Freeze Stanford Assets
By: Ainsley Brown
The US securities regulator, the Securities and Exchange Commission (SEC), has extended its long arm yet again. This time it was as a part of an operation to locate and then freeze the personal and company assets of Sir Allen Stanford and his Stanford International Bank (SIB). Mr. Stanford – oh sorry I should say Sir Allen – stands accused by US authorities of operating a Ponzi Scheme; allegedly defrauding investors of $9.2 billion.
Sir Allen of course denies all the charges.
The SEC sought and successfully got the High Court in London to freeze SIB assets – $105 million – being held in Credit Suisse bank in London. The freezing order will last until April 27, however it can be extended on further application to the court. Lawyers for SIB did not contest the order preferring to accept the inevitable.
