Tags: US | Stanford | Daughter

Stanford's Daughter Agrees to Vacate $1.3M Condo

Thursday, 28 Jan 2010 03:58 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The daughter of jailed Texas businessman R. Allen Stanford has dropped her fight to stay in a $1.3 million Houston condominium, her attorney said Thursday.

Randi Stanford's decision came hours before she was to appear in federal district court to show why she should not be held in contempt for refusing to cooperate with government efforts to sell the 2,800-square-foot home. She will move out by March 31.

The condo was a gift from her father, who is accused of leading a $7 billion Ponzi scheme — allegations that he denies. Court-appointed receiver Ralph Janvey plans to sell the condo and direct the proceeds to allegedly defrauded investors.

On Wednesday, Janvey filed a declaration from a forensic accountant detailing that most of the $1.3 million purchase price came from the elder Stanford's personal bank account in Antigua, which is tied to his alleged wrongdoing.

Joe Kendall, Randi Stanford's attorney, said his client put up $20,000 for the condo and that her mother, Susan, put up $50,000. But the deed to the home is held by a limited liability company; its only member is R. Allen Stanford.

"That would make selling the property by Randi Stanford very problematic under the current circumstances," Kendall said.

He added that Randi Stanford is working three jobs to support herself.

Janvey notified Randi Stanford in March 2009 that he intended to sell her condo. He offered to allow her to continue living there rent-free so long as she maintained it in good order. He also offered to provide three hours notice before showing the unit to prospective buyers and 30 days notice for her to remove her possessions when it was sold.

Instead, she declined to cooperate and argued that Janvey's authority did not extend to the condo.

Randi Stanford said she spent more than $113,000 for upkeep since she moved in three years ago. She has not waived her claim to a share of the proceeds from the sale proportionate to her investment in the property, Kendall said.

Her father is the subject of a Securities and Exchange Commission lawsuit accusing him of promising inflated returns to about 28,000 investors on certificates of deposit at his Antiguan bank. The SEC also accuses him of skimming more than $1 billion to fund his lavish lifestyle.

Stanford is jailed in the Houston area on similar criminal charges.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Ferguson Unrest Blamed On Too Many Police Agencies

Friday, 22 Aug 2014 14:55 PM

Police tried various tactics while attempting to bring calm to the strife-torn suburb of Ferguson, Missouri - but were h . . .

Nanny State: NC Students Denied Their Choice of School

Friday, 22 Aug 2014 14:37 PM

As the school year begins in North Carolina, many students don't know whether they'll be allowed to attend the schools o . . .

Sen. Claire McCaskill Sets Hearing on 'Militarization of Police'

Friday, 22 Aug 2014 13:53 PM

In the wake of the violent clashes between police and protesters in Ferguson, Missouri, Sen. Claire McCaskill has announ . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved