Tuesday, February 26, 2013


Ralph Janvey, the court-appointed receiver in the Stanford International Bank Ltd. case, has brought a Federal civil action* against every major officer and director employed at the Ponzi scheme. for Breach of Fiduciary Duty. The action names the Stanford Chief Compliance officer, its General Counsel, and all the other principal officers and directors.

Some of the 23 others named are below, some of which have already been charged in criminal court:

Executive Director
Chief Marketing Officer
Internal Auditor
Chief Accounting Officer
Chief Investment Officer
President of Mexico Group
President of the Swiss Group
Managing Director for Merchant Banking

These individuals, not charged in the criminal case, who have scattered to the four winds, will now find it a bit difficult to keep their new jobs. This lawsuit makes them a liability to their new employers, not to mention potential damage to the new company's reputation when you are arrested, in the presence of media, at your new desk.

 The moral of the story: if you uncover evidence that indicates that the company where you work is a Ponzi scheme, you need to: (1) resign forthwith, taking your evidence with you (2) employ competent counsel, and (3) with your counsel's advice, cut a deal for immunity, in exchange for your testimony. Do do any less could expose you to civil litigation, and even possible criminal indictment.

* Ralph Janvey etc. vs. Pablo Alvarado et al, Case No.: 13-cv-0775 (ND TX).

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