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Stanford customers may have access to...

Stanford customers may have access to funds

By: Magnolia Tribune - February 24, 2009

The Clarion-Ledger, 2/24/9

A court-appointed federal receiver overseeing an investment firm facing fraud allegations announced Monday that some accounts such as mutual funds held by a third party may be released to customers.

The receiver in the case last week froze nearly $391 million managed for more than 4,500 Mississippians.

“I am hopeful this is going to clear up a number of private accounts, but I don’t think it will clear up everything,” Secretary of State Delbert Hosemann said Monday night.

About $33.6 million of that money is invested in the products being questioned by regulators.

The U.S. Securities and Exchange Commission has accused Stanford Group and three senior executives, including two from Baldwyn, in a $9.2 billion scheme to lure investors with hefty returns on certificates of deposit and mutual funds through Stanford Investment Bank, which is based in Antigua.

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