Kenneth Rijock

Kenneth Rijock

Sunday, November 15, 2015

FUGITIVE HEAD OF STANFORD GROUP MEXICO ARRESTED IN BELIZE

The Mexican-American fugitive, David Miguel Nanes Schnitzer, former president of Stanford Group Mexico SA de CV, which targeted wealthy Latin American investors in Alan Stanford's billion dollar Ponzi scheme, has been detained in Belize, where he was caught using a forged driver's license. The offense carries a maximum sentence of three years.  He was ordered held without bond at the Belize City Magistrate's Court; it has been reported that the US Marshals Service and INTERPOL were responsible for locating him.

Nanes was also the president of Stanford Fondos SA de CV, and a director at Stanford Bank Panama, and SIH Panama. He is wanted in Mexico, where he has been charged with breach of fiduciary duty.

Though not known to be under indictment in the United States, the Court-appointed Stanford receiver, Ralph Janvey, has a civil suit pending against him*, alleging that he, and his wife, have control over as much as $16m in Stanford Group assets. Nanes defrauded wealthy investors, primarily in Mexico, Panama & Venezuela. He operated a corporation known as Wealth Management Services, Ltd., against which the Receiver has a $12m judgment, obtained on October 1, 2014, in US District Court in Texas.

There is no information available regarding the whereabouts of Nanes' spouse, Hasibe Elizabeth Ancona-Mizrahi.
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* Ralph Janvey, in his capacity as Court-Appointed Receiver of Stanford Group etc. vs. David Nanes, Case No.: 15-cv-03171-N-BG (ND TX). 

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