Antigua Wants Stanford's Island Back
Allen Stanford, accused of running an $8 billion Ponzi scheme, leads an extravagant lifestyle with private jets, multiple homes, billions of dollars and, recently discovered, an Antiguan island. Antigua and Barbuda's government is taking steps to seize the island to help their financial situation in the wake of Stanford's thievery.
Guiana Island
Guiana Island is Antigua's largest island measuring 2.5 miles across and .5 miles wide. With extensive mangroves, coral reefs and wildlife it is one of Antigua's ecological treasures. It is home to Antigua's national animal, the European fallow deer, and the endangered West Indian whistling duck.
In the early 1990's the island was sold to Tan Kay Hock with intentions of developing the land and building resorts, casinos, conference centers, etc. The land was never developed due to the Asian financial crisis in 1998. At some point after that, the land was acquired by a British Virgin Island company. Stanford bought the shares of that company and now controls the land.
Seizing the Island
According to Reuters UK, the Antigua and Barbuda government has already been approved to seize 250 acres of the land and seeks to seize the remainder. Stanford's scandal hit the country and its people hard, financially. He is Antigua and Barbuda's biggest employer after the national government and is its largest investor.
Government officials hope to take control of the island to help alleviate Stanford's fraudulent impact on the local economy. Their three main goals include:
- stabilizing the Stanford-owned Bank of Antigua
- keeping 800 Stanford workers employed
- paying off a "massive outstanding debt to local suppliers"
Overall, Prime Minister Baldwin Spencer and his government are focused on the "well being of the employees and the entire economic situation".
Antigua and Barbuda officials hope to get control of the island without any difficulty from the U.S. Securities and Exchange Commission (SEC) and Ralph Janvey, the man appointed receiver of Stanford's assets. Many of Stanford's victims are American.
Investment Fraud Attorney
Clearly, the Stanford case is a complex one, involving many layers of deception. Recovering investments lost to a fraudster can be difficult and exhausting. An experienced securities attorney can help you take the necessary steps to get your money back.
If you have lost money in the Stanford investment fraud or any other securities fraud, contact a securities attorney at Arnold & Itkin LLP for a free consultation.
