Posted Sep 02, 2009 06:22 pm CDT
In an unusual public battle over a court-appointed receiver’s $27 million bill, attorney Ralph Janvey is telling the feds that cleaning up an alleged $7 billion bank Ponzi scheme of which Texas billionaire R. Allen Stanford is the accused mastermind costs money.
In a filing last night in federal district court in Dallas responding to what he termed the U.S. Securities and Exchange Commission’s “shrill objections” to the fee for his legal and consulting team, Janvey said “a big cleanup produces a big bill,” reports the Associated Press.
Janvey, whose appointment to the receiver position was initially recommended by the SEC, has brought in more than 100 lawyers and consultants to help him unravel the alleged Stanford fraud.
American Lawyer: “Allen Stanford’s Receiver Finding Controversy—but Little Money”
Associated Press: “Runaway receiver at odds with SEC in Stanford case”