1,000 Stanford Employees Terminated
As of Friday, March 6th nearly 1,000 U.S. Stanford employees were without jobs. The receiver of Allen Stanford's assets, Ralph Janvey explained that, due to Stanford's extreme financial troubles, business would be discontinued.
According to CNBC, The near 1,000 Stanford employees without jobs account for 85% of the fraudster's employees in the United States. In addition to the absolute termination of all salary and benefits, the unfortunate group will receive no bonuses or severance.
A few employees from the Houston headquarters will be kept on long enough to wrap things up at the office and close the company down. After, however, they will also be out of a job.
In a statement on Friday Janvey explained, "After a review of the circumstances, the receiver concluded that continuing employment for these employees is not in the interest of conserving and preserving the value of the estate because there are insufficient resources to continue to compensate all present employees."
Nearly 1,000 employees are now left to find a job and benefits for their families in today's bleak job market.
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