Camerons advises on Stanford receivership

Camerons advises on Stanford receivershipCMS Cameron McKenna has been appointed to advise the receivers of two Antiguan companies of Texan billionaire Allen Stanford’s group of businesses.

The Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda called in Vantis client partners Nigel Hamilton-Smith and Peter Wastell as joint receivers of Stanford International Bank and Stanford Trust Company last week.

Vantis has appointed Camerons banking partner Peter Wiltshire to advise on the receivership.

The US Securities and Exchange Commission has charged Stanford with committing a ‘massive and ongoing fraud’ using certificates of deposit that paid above-average interest.

Stanford International Bank in Antigua was the headquarters of a bank that claimed to have $8bn in assets and more than $51bn in deposits across its network.