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Asset Freeze Frustrates Many Holders

Financial Law     updated  2009/02/26 09:04

The court-appointed receiver for R. Allen Stanford's financial group asked national political committees Monday to return campaign contributions from the disgraced Texas billionaire.

Letters were sent Monday to the Republican National Committee, National Republican Senatorial Committee, National Republican Congressional Committee, Democratic Congressional Campaign Committee and Democratic Senatorial Campaign Committee.

"I hereby request your committee return to the receivership estate all campaign contributions made by Mr. Stanford or the other defendants to your committee," receiver Ralph S. Janvey wrote. "By returning such amounts to the receivership estate, you will help reduce the losses suffered by victims of the alleged fraud."

Stanford, accused in a Securities and Exchange Commission civil lawsuit of a "massive" fraud, was served with legal papers by FBI agents last week but has not been charged with any crime. The SEC said Stanford peddled sham promises and funneled investors' money into real estate and other assets not easily turned into cash.

The letters included a list of dozens of senators and representatives and the individual contributions, ranging from $250 to $45,900. The committee contributions ranged from $133,345 to $965,000.

Spokesmen for the Republican National Committee and the National Republican Congressional Committee said they hadn't seen Janvey's letter yet and had no immediate comment. Spokesmen for the other committees couldn't immediately be reached for comment Monday night.

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