DALLAS — The attorney supposed to clean up what the government says was Texas businessman R. Allen Stanford’s multibillion-dollar Ponzi scheme is managing to anger just about every party involved in the case.
The Securities and Exchange Commission and other stakeholders in the complicated and far-flung case say Dallas attorney Ralph Janvey, appointed by the court to track down billions of missing dollars, has instead become a rogue receiver who refuses to cooperate with the SEC.
“You know everyone in the courtroom is angry with you,” U.S. Judge David C. Godbey said at a recent court hearing.
Stanford’s attorneys say Janvey is “exceeding his authority.” And John Little, the court- appointed examiner who represents the interests of jilted investors, said they feel Janvey’s actions have been shocking and outrageous.
The latest flash point has been Janvey’s demands for more than $27 million in fees for himself and the team he hired to take over Stanford’s business empire and track down the missing billions. The paycheck would come from the same pot of money he is amassing to be divided among defrauded investors.
