Receiver Ralph Janvey’s complaint (pdf copy here) arose out of the massive fraud perpetuated by Allen Stanford. The Receiver’s complaint indicates that revenue from the sale of fraudulent certificates of deposit (“CDs”) generated substantially all of the income for Stanford. The complaint states that the Receiver identified $3.1 million in payments (including bonuses, commissions, and referral fees) that Stanford made from the CDs to the defendant, Oreste Tonarelli–a former managing director of Stanford Group Company’s Private Clients Group in Miami. According to the Receiver, “Tonarelli played a vital role in expanding and perpetuating the Stanford Ponzi scheme by both pushing sales of [] CDs and by training others to sell [] CDs to investors in existing and untapped markets, including Latin America.” The lawsuit seeks a return of these funds in order to make an equitable distribution to those defrauded by Stanford.
The case is pending before Judge Boyle.
Kevin Sadler, Robert Howell, David Arlington, and Timothy Durst, all of Baker Botts LLP, represent the Receiver.