Welcome to the Stanford Financial Claims Website

Certification Forms and Distribution

When will the Receiver make a distribution payment to me?
On May 30, 2013, the Court approved the Receiver's interim distribution plan. A copy of the order approving the interim distribution plan may be found here.

The Court's order states that the distribution process will begin within 90 days of the date of the order. That process, which includes sending out collateral source certification requests to claimants, will actually begin the week of June 3, 2013. Specifically, the Receiver expects to send out the requests for certification concerning collateral source recovery within 10 business days after the order was entered to all claimants who have been issued notices of determination. The requests are being sent in both English and Spanish, are pre-populated with claimant names and claim numbers, and require the signatures of the claimants. The certification forms are being sent by e-mail (if e-mail addresses were provided) to all claimants within a claim group or, if no e-mail address was provided, are being sent via physical mail. Claimants will have 60 days to return the certifications to the Receiver. For those claimants who have not yet received notices of determination, their certification requests will be sent after their notices of determination are issued.

Please note that payments will not be made immediately upon receipt of each signed certification. Once the Receiver has obtained the requisite certifications for a sufficient number of claim groups, he will file with the Court his schedule of proposed payments to those groups at least 10 days before the payments are made. The schedules will include claim ID numbers and the amounts of payments but will not include claimant names or other identifying information. Schedules will be filed with the Court on a rolling basis. After each particular schedule has been on file for at least 10 days, the Receiver will begin sending payments to applicable claim groups. As additional certifications are received, this process will continue until all payments required under the order approving the interim distribution plan are complete.

Based on the above procedures, the Receiver expects to begin making payments in approximately 90 days. Please understand that not everyone will receive payments within 90 days, and payments to additional groups will be made on a rolling basis through the process described above.
What is the purpose of the Receiver’s Certification Form?
The Court-approved Certification Form permits the Receiver to gather information regarding the claimants’ efforts to recover their Stanford-related losses from sources other than the U.S. Receivership. At present, the Receiver does not have information concerning the recovery efforts (if any) being undertaken by individual claimants, nor does he have information concerning the results of such efforts. Claimants must timely provide this information to the Receiver pursuant to the Court’s order approving the interim distribution plan.

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Will the Receiver withhold payments to me under the interim plan if I have already received funds from another source?
The Receiver’s goal is to treat all SIB CD investors equally, to the extent that is reasonably possible. For that reason, the Receiver is authorized to seek to reduce or withhold a distribution to an individual victim who has recovered all or some of the Allowed Claim Amount from other sources.

If a claimant has recovered some or all of the Allowed Claim Amount from a third-party source, the Receiver is authorized to seek to reduce or withhold that claimant’s share of the interim distribution. The Receiver would give that claimant notice of his intention to withhold the distribution, and the claimant would have an opportunity to respond to the Receiver. If no agreement can be reached between the Receiver and the claimant, the claimant can file an objection to the Receiver’s proposed withholding/reduction with the Court, and the Receiver would have an opportunity to respond to such objection. The Court would then have to rule on the Receiver’s proposal.

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If I have filed a claim with the Antiguan Joint Liquidators, do I have to disclose that on my Certification Form?
Yes. Claimants who filed claims with the Antiguan Joint Liquidators should indicate that on their Certification Forms, as doing so will assist both the U.S. Receiver and the Antiguan Joint Liquidators in their effort to harmonize their claims processes.

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What lawsuits or claims are claimants required to list in response to the Certification Form?
In response to section 1(b) of the Certification Form, claimants should identify any lawsuits, arbitration proceedings, or other formal claims they have filed seeking to recover SIB CD losses, even if those lawsuits, proceedings, or claims are currently stayed.

Claimants need not list potential or prospective claims that they may assert against a third party if that claim has not yet been filed or asserted.

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Are claimants required to identify lawsuits or claims that have been filed by others on the claimants’ behalf?
Claimants should list only those lawsuits, proceedings, or claims that the claimants (or their counsel) have filed individually against one or more third parties seeking to recover SIB CD losses.

Claimants are not expected to know, and need not list, the various lawsuits that have been filed by the Receiver, the Official Stanford Investors Committee, or as putative class actions.

With respect to putative class actions, a claimant who has been named in a class action as a “class representative” plaintiff should list that lawsuit in response to paragraph 1(b) of the Certification Form.

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Will the Receiver seek to clawback the payment he makes to me under the interim distribution plan if I subsequently recover funds from another source?
No. However, if the Receiver makes another distribution subsequent to your recovery from a third party source, the Receiver will request the completion of a supplemental Certification Form that will require disclosure of that recovery information. Under those circumstances, your recovery from a third party source may reduce or eliminate your right to participate in later distributions by the Receiver.

Moreover, claimants should understand that any amounts they recover from the U.S. Receiver, the Antiguan Joint Liquidators, or other sources may impact, and ultimately reduce, the damages they might otherwise recover through a current or future lawsuit against third parties. Claimants should consult with their own legal counsel concerning this issue.

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If I have filed a lawsuit or am a party to a class-action lawsuit relating to my Stanford claim, will the Receiver withhold a payment to me if no judgment has yet issued in my lawsuit or if I have not yet received funds as a result of the lawsuit?
No. Pending claimant lawsuits in which no judgment has issued or in which no recovery has been made (through settlement or otherwise) will not be considered in determining the amount of payments to the claimants under the interim plan. Such litigation, however, should still be disclosed on the Certification Form.

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When completing the Certification Form, do I need to list the lawsuits being prosecuted by the Receiver or the Official Stanford Investors Committee?
No. The Certification Form only seeks information concerning claims actually made by claimants and any recoveries they have received other than from the U.S. Receivership.

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I am considering filing a lawsuit or arbitration proceeding relating to my Stanford claim (for example, against my former Stanford financial advisor) but have not yet done so. Do I need to report this on my Certification Form?
No. The only lawsuits or arbitration proceedings you should list are those that you have actually filed (even if those proceedings are currently stayed). If you have not yet filed such a lawsuit or arbitration proceeding, but later were to do so, the Receiver will require you to disclose that information on a supplemental Certification Form prior to the next distribution payment to you by the Receivership.

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There is a lawsuit pending between the SEC and the Securities Investor Protection Corporation (“SIPC”), but I have not received any funds from SIPC. Do I need to list the current SIPC litigation or potential SIPC claims on the Certification Form?
No, you should not list the litigation between the SEC and SIPC on your Certification Form. Moreover, Stanford CD Investors currently have no ability to file a claim with (or against) SIPC. Accordingly, there is no need to list such a potential claim. In the future, if you were to file a claim with or recover funds from SIPC, the Receiver would require disclosure of that information prior to the next distribution payment to you by the Receivership.

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I have utilized the IRS 2009 Theft Loss deduction to receive certain tax benefits. Do I have to disclose this on my Certification Form?
No.

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I disagree with certain information on the Certification Form I received. Can I alter the Certification Form to change that information?
No. Please do not use the Certification Form to suggest or request changes to claimant names, claim numbers, or other information regarding your claim(s). To request changes, you must follow the objection process detailed in the Notice of Determination you received. Objections made via the Certification Form will not be considered to be properly submitted objections.

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How will the distribution payment be delivered to me, and will the cost of that delivery be deducted from the amount to be paid?
In general, for both domestic and foreign payees, the funds distributed by the Receiver will be delivered via physical checks sent by U.S. first class mail to the "Payment Mailing Address" listed on the Notice of Determination you received. No fees or costs for such delivery will be deducted from the claim payments.

Based on requests from many Venezuelan payees, the Receiver will send physical checks via FedEx to all payees with Venezuelan addresses. The cost charged by FedEx for such delivery (which averages to approximately $50.00 per mailing) will be deducted from the payments before the checks are mailed. If you do not live in Venezuela but nonetheless request to receive your payment via courier service, the costs of such delivery likewise will be deducted from your payment.

As a general matter, the Receiver is not sending payments via wire transfer.. However, wire requests will be honored upon specific request, only where the wire is in excess of $10,000 and only where a physical check has not already been mailed. The request must be made in writing by fax, mail, or by pdf attachment to an e-mail, and the request must be accompanied by a signed authorization from all payees listed on the applicable Notice of Determination that appoints one of the payees as the authorized person. The authorization must provide the e-mail contact information for that authorized person. A $300 fee will apply to all such wires and will be deducted from the payment amount to be wired. Please be aware that your receiving bank may charge you additional fees, and those fees will be your responsibility to pay.

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Trusts, Deceased Accountholders, and Related Beneficiaries

How will the Receiver handle payments to beneficiaries of trusts, including trusts formerly administered by Stanford Trust Company, Ltd. in Antigua?
Pursuant to the Notices of Determination issued by the Receiver, any payments regarding trusts’ accounts will be made to the trusts themselves as payees. However, should the Receiver receive a request to change the payee from a trust to the trust beneficiaries, the Receiver will first need to verify the identities and ownership capacities of all beneficiaries of the trust, which may involve requests for additional information from those individuals, before making the requested change. Please note that any request to change the payee from a trust to its beneficiaries must include the express approval of all such beneficiaries.

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If an accountholder is deceased, what does the Receiver require in order to change the payee information?
As a matter of course, the Receiver’s Notices of Determination recognize as the payee the claimant who owned the SIBL account. Any request to change the payee from the deceased accountholder to someone else must include the proof of death (for example, a death certificate) and any orders probating the estate of the decedent, as well as the identity and proof of appointment of any legal representative or administrator of that estate.

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Will the Receiver change the payee on a Notice of Determination from the deceased accountholder to the legal representative or administrator of the decedent’s estate?
Yes, so long as the request to change the payee from the decedent to the legal representative or administrator of the estate includes the proof of death, any orders probating the estate of the decedent, and the identity and proof of appointment of the representative or administrator.

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An accountholder is deceased, but no legal representative or administrator has been appointed, and probate proceedings have not been completed. How do I change the payee to someone other than the decedent?
In this situation, any request to change the payee from the deceased accountholder to someone else must include proof of death and all documents proving that the proposed payee(s) seeking to replace the decedent have full legal entitlement to ownership of any payments from the Receiver with respect to the accounts owned by the deceased accountholder. Such documentation should include, but not be limited to, the will and testament of the decedent or, if none, proof of the proposed payee’s proper succession to the estate of the decedent. Without such documentation, the SIBL accountholder will remain the payee.

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If all accountholders are deceased, can the payees be changed to the beneficiaries of the account per SIBL’s records, rather than the accountholders themselves?
So long as proof of death and the other required materials discussed above are provided with the request seeking to make such a change, the Receiver will change the payees to reflect all beneficiaries of the accounts designated within SIBL’s records. However, an order probating the estate of the deceased accountholders that requires a different distribution of funds relating to such accounts would override and replace the designation of the beneficiaries in SIBL’s records.

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If all accountholders are deceased, can the payees be changed to the beneficiaries of the estate, even though SIBL’s records do not identify any beneficiaries?
Upon receipt of the documents discussed in the answers above, including the proof of death, the Receiver will make any payments to the legally appointed representative or administrator of the decedent’s estate or, if there is none, jointly to all beneficiaries of the estate as identified by probate order.

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An accountholder is deceased, and there are multiple beneficiaries. I want to change the payees to be fewer than all of those beneficiaries. How do I do that?
As a matter of course, payments to multiple payees (such as approved estate beneficiaries) will be made to all payees jointly, rather than to any selected individuals among them. The Receiver will not make payment to fewer than all payees (or, in this situation, estate beneficiaries) unless the Receiver is provided with the express approval of all such payees or beneficiaries.

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Notice of Determination

How did you calculate the Allowed Claim Amounts for CD claims?
The Allowed Claim Amount has been calculated by determining a CD claimant's net losses, which is equal to the amount the claimant deposited with Stanford International Bank, Ltd. ("SIBL") minus the amount the claimant received from SIBL.

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Will I receive 100% of my Allowed Claim Amount?
The amount a claimant receives likely will be less than their Allowed Claim Amount. The Allowed Claim Amount, instead, refers to the maximum amount of funds that a claimant may receive in the event that sufficient funds become available. The amount a claimant ultimately receives is determined by the Court based on distribution plans proposed by the Receiver. The Receiver's current Motion for Approval of Interim Distribution Plan (the "Interim Plan") has been filed and is awaiting Court approval. The Interim Plan is available here.

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When will I receive a distribution from the U.S. Receiver?
After the Interim Plan is approved, the Receiver will send requests for certification concerning collateral source recoveries to claimants who have received a Notice of Determination with an Allowed Claim Amount. The Receiver expects to begin making payments on a rolling basis following receipt of completed certifications. Pursuant to the Interim Plan, the Receiver proposes to file, also on a rolling basis, schedules of payments to be made, with such schedules being filed at least ten (10) days prior to the subject payments being made. The schedules will, subject to Court approval, include claim ID numbers and the amount of the associated payments but will not contain information from which the individual claimant can be identified.

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How did you determine the address to be used as the Payment Mailing Address?
The address provided to the Receiver by a claimant is the address to which any payment to that claimant will be sent. However, where a claimant has provided more than one address, or where multiple claimants with different addresses have submitted claims relating to the same accounts, the Receiver has selected only one of those addresses as the address to which payment will be sent. The payment addresses will be identified in the notice of determination. If the claimant or claimants prefer to have the payment sent to a different address, they should notify the Receiver's Claims Agent, who will then take the necessary actions to honor that request (so long as all claimants subject to the Notice of Determination agree to the address change).

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Why have I not received a Notice of Determination, and what should I do to receive one?
The Receiver is continuing to send Notices of Determination on a rolling basis. If you have not received a Notice of Determination by March 15, 2013, you may contact the Receiver's Claims Agent to inquire as to status.

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How are transactions in SIB CD accounts denominated in foreign currencies being treated?
For the purpose of analyzing CD claims, a deposit or withdrawal from a SIB account that is in a foreign currency is converted to U.S. dollars by using the historical exchange rate as of the date of that particular transaction.. For details concerning historical exchange rates, please see http://www.oanda.com.

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I have received a Notice of Determination that lists my Allowed Claim Amount and Total Claimed Amount in U.S. dollars, but I submitted my claim in a foreign currency. What do I do?
Claimants were required to submit their Total Claimed Amount in U.S. dollars. If the claim you submitted was denominated in another currency, please respond to the Notice of Determination (in accordance with the instructions contained in the notice); provide your Total Claimed Amount in U.S. dollars, rather than a foreign currency; and request the Receiver to use that amended Total Claimed Amount to determine your Allowed Claim Amount.

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My Notice of Determination lists several payee names. How do I change that to a single payee?
Where multiple claimants have filed CD claims regarding the same accounts or group of accounts in which they each have ownership interests, the Notice of Determination will list all such claimants as payees. If the payee or payees prefer to have the payment made to a single payee, they should notify the Receiver's Claims Agent, who will then take the necessary actions to honor that request (so long as all payees subject to the Notice of Determination agree to the payee change).

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Stanford U.S. Receivership Claims Process

I received a Notice of Bar Date and Procedures for Submitting Proofs of Claim. Do I have a claim against Stanford Financial?
The receipt of a Bar Date Notice and Proof of Claim Form packet is not evidence that you have a claim. In connection with the U.S. Receiver's efforts to identify potential claimants, we have sent notice of the claims process to a significant database of potential claimants who were identified in the records of Stanford International Bank, Ltd and/or other various Stanford entities. Your contact information may be in the U.S. Receiver's records because you had an account with Stanford International Bank, Ltd., Stanford Group Company, Stanford Trust Company or Stanford Coin & Bullion. It is also possible that your contact information is in the database because you are a vendor, landlord, former employee, or customer of a Stanford entity. A complete list of the Stanford Receivership Entities can be found by clicking here.
What was the deadline (also known as the “Bar Date”) for submitting a Proof of Claim Form?
The Court has established 11:59 p.m. (prevailing Central Time) on September 1, 2012 as the deadline for Claimants to submit Proof of Claim Forms against the Receivership Entities.

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Did you receive my Proof of Claim Form?
If you have filed a new claim with the Claims Agent, you will receive an acknowledgement via postcard and/or email of receipt of your Proof of Claim Form within forty (40) days of us receiving the form.

If you believe you have previously filed a Proof of Claim Form with the Receivership or have returned a claim form to the Claims Agent prior to the Bar Date and have not received the acknowledgement postcard, you can call (866) 332-3233 or (201) 222 4059 to speak with a Claims Agent Representative and confirm receipt. You can also send an email to info@stanfordfinancialclaims.com requesting confirmation. Please be sure to include the case name (Stanford Financial Receivership), your name and full mailing address for verification purposes.

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Is my Proof of Claim Form filled out correctly?
The Claimant will receive a Notice of Deficiency from the Receiver if the Proof of Claim Form is completed incorrectly or lacks necessary information required by the Receiver to make a determination regarding the claim. The Claimant will have 60 days from the date in the Notice of Deficiency to respond with the requested information.

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How do I change my contact/address information?
You can update your contact and/or address information by sending an email to info@stanfordfinancialclaims.com, a fax to 415-258-9639 or by submitting your request by mail to Stanford Financial Claims, P.O. Box 990, Corte Madera, CA 94976-0990. Please be sure to include the case name (Stanford Financial Receivership), your name, your previous and new contact and/or address information in your request.

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How does the claims process work?
The process of verifying and validating or rejecting claims typically involves comparing the information submitted by the Claimant to the information available to the Receiver, and reaching a conclusion in light of the available information and the applicable law. Given the variety of types of claims that will be submitted, and the variety of types of information to which Claimants may have access, it is neither possible nor practical to list in detail the analysis that will be performed on each type of claim.

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If I submit a Proof of Claim Form with the U.S. Receiver and participate in the distribution process will I be allowed to participate in any SIPC liquidation that may occur?
The Receiver does not have any control or authority over the Securities Investor Protection Corporation (“SIPC”). SIPC has taken the position that coverage is not available under the Securities Investor Protection Act of 1970 to holders of Stanford International Bank certificates of deposit. That position is being challenged by the Securities and Exchange Commission in a case pending in federal court in Washington D.C. The U.S. Receiver is not a party to that case. It is not possible to predict if, when or under what circumstances SIPC coverage may become available to investors in the future. It is the U.S. Receiver's view that investors who participate in the U.S. Receiver's claims process should be allowed to submit claims in a SIPC liquidation for amounts claimed but not recovered in the U.S. Receiver's claims process.

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I received a Supplemental Documentation Form in connection with the “Claimant Form” I filed on the U.S. Receiver’s website. Am I required to submit supporting documentation?
Pursuant to the Notice of Bar Date and Procedures for Submitting Proofs of Claim, upon request from the U.S. Receiver, or his Claims Agent, a Claimant who filed a Claimant Form is required to submit additional supporting documentation in order for the Claim asserted to be allowed. The failure to submit supporting documentation may affect the U.S. Receiver’s determination of your Claim. If you do not provide supplemental documentation and the U.S. Receiver needs additional documentation to reconcile your Claim, you will receive a Notice of Deficiency. You will have 60 days from the date in the Notice of Deficiency to respond with the requested information. If you do not provide sufficient supplemental documentation to verify your Claim, the U.S. Receiver may disallow your claim in whole or in part.

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Will I receive all of my money that I invested in Stanford International Bank, Ltd. CD(s) back?
Stanford International Bank, Ltd. does not have the assets required to fully redeem the CDs it sold. Unlike funds put into brokerage accounts, the funds that were transferred by investors to Stanford International Bank, Ltd. to purchase CDs were not held, and are not held, in segregated accounts for the individual investor. The Receiver continues working to identify and secure assets that can be applied to the claims of CD holders and other creditors.

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What rights, if any, do I waive by also filing a claim with the Antiguan Liquidators?
The submission of a claim with the Antiguan liquidators or receivers will not constitute a waiver of the right to submit or otherwise bar a Claimant from submitting a Proof of Claim Form with the U.S. Receiver.

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How can I obtain copies of my Stanford International Bank, Ltd. CD(s) certificates and/or statements?
The U.S. Receiver does not have copies of Stanford International Bank, Ltd. CD certificates and/or statements.

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I purchased my Stanford International Bank, Ltd. CD through Stanford Trust Company or IB&T for my IRA account. How will my proceeds be distributed to me?
Distributions related to CDs held through IRAs will be made in the name of the account that held the CD. For example, John Doe, IRA.

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Can I have the proceeds of my Stanford International Bank, Ltd. IRA CD distributed directly to my new IRA account?
Unfortunately, we are not able to process ACAT or Direct Transfer/Rollover transactions. However, we can mail your check directly to your IRA account at another financial institution.

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Will my invoice be paid in full?
The assets available to the U.S. Receiver are not sufficient to pay the full amounts that may be owed to creditors. The U.S. Receiver continues working to identify and secure assets that can be applied to the claims of creditors.

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